Sky News has learnt that Steer Automotive Group has appointed City advisers to sound out prospective buyers.

Sources said on Friday that a formal process was not yet under way, although initial discussions were being held with interested parties.

Steer Automotive Group trades from 98 sites across the UK, and employs more than 2,500 people.

Its customers include the major insurance companies Admiral, Allianz, LV and NFU Mutual.

The company says it repairs more than 100,000 passenger, luxury and commercial vehicles annually.

It counts the carmakers Aston Martin, Jaguar Land Rover and Tesla among its manufacturer approvals and recommendations.

Mr Steer launched the company from a single site in Aylesbury in 2018 and has grown it impressively, according to industry insiders.

He secured investment from Chiltern Capital and Keyhaven Capital in 2021 at an undisclosed valuation.

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One private equity figure who has been approached about the process said he understood that Mr Steer was likely to remain heavily invested in the business after any deal.

DC Advisory is handling the process on behalf of Steer.

The company declined to comment.