Sky News has learnt that Big Bus Tours, whose open-top vehicles are a familiar sight in locations such as London, Paris and Hong Kong, could change hands within the next 12 months.

City sources said on Wednesday that Exponent Private Equity, which has owned the business since 2015, had hired Bank of America to advise on a sale.

Big Bus Tours is said to be extremely profitable, with demand rebounding strongly since the pandemic.

It also trades in cities including Dubai, Istanbul, New York and San Francisco.

The company was formed in 2011 from the merger of UK-based Big Bus Company and Paris-headquartered Les Cars Rouges.

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Exponent's acquisition of the business was reported at the time to have valued it at about £300m.

A minority stake in Big Bus Tours is owned by Merlin Entertainments, the multinational theme park operator which owns Chessington World of Adventures and Madame Tussauds.

Sources said other buyout firms were expected to examine offers for the company.

Exponent declined to comment.