Sky News has learnt that Blackwell's, which has been owned by its founding family since its first store opened in Oxford in 1879, has appointed corporate financiers to oversee a sale process.

City sources said that discussions with prospective buyers had been underway for some time, and that a deal was possible in the coming months.

Blackwell's is one of Britain's oldest booksellers, and has been a fixture on many university campuses for decades.

It now trades from 18 stores - as well as online - including its flagship shop in Oxford, where the company is based.

The company also trades under the name Heffers at a store in Cambridge, as well as in London and Edinburgh.

The sale process comes amid a shake-up in the books retail sector, which has faced rapid disruption from online giants but which has in pockets proved its resilience through chains such as Waterstones and Daunt Books.

In response to an enquiry from Sky News, David Prescott, Blackwell's chief executive, said: "The sale of Blackwell's represents a genuinely unique and exciting opportunity for any potential buyer to own a much loved and trusted bookselling brand.

"The business has been quietly and successfully transitioning itself in recent years to establish a substantial global online presence alongside a core portfolio of iconic shops.

"We hope that a new owner and investment will help us to secure a long term future for Blackwell's and its booksellers for many years to come.

"As we look to start a new chapter for the company, I'd like to publicly thank Toby [Blackwell, the controlling shareholder] for his support and commitment over many, many years.

"Without him, Blackwell's simply wouldn't be here today."

The company is understood to have explored a refinancing process last year that would have seen it converted into a structure owned by its roughly 350 staff, but concluded that it was impractical owing to the impact of the pandemic.

Mr Blackwell, who is also president of the company, said he "would have loved to have handed over the company to its staff, but I also accept that in order to grow and remain competitive in the future, it is time for new ownership, ideas and investment".

"I have always stood for innovation and transformation in the constantly changing world of bookselling," he said.

"I am delighted to have supported, and now see, Blackwell's become a significant player in online bookselling and to have helped keep alive the concepts of service and expertise so well embodied by our chairman and board and our wonderful staff."

In its statement, Blackwell's said that like for like sales in 2021 had grown by 1.9%.

One source indicated that a buyer would be expected to pay a modest, multimillion pound sum for the business.

The identity of Blackwell's potential suitors was unclear on Tuesday.

Begbies Traynor, the accountancy firm, is handling the sale.