Travelex has drafted in Goldman Sachs and JP Morgan to work on a £1 billion sale or flotation this year, Sky News has reported.
The deal could value the stake held by the company’s founder Lloyd Dorfman at £300 million or more.
While a transaction is not imminent, insiders said that the appointment of the two investment banks was a signal that one was likely this year.
Private equity group Apax Partners has owned a controlling stake in Travelex since 2005 and is keen to offload its stake.
City sources said that JP Morgan was focusing on an initial public offering that would see Travelex make its stock market debut, while Goldman Sachs has been asked to field approaches from potential buyers of the company in addition to assisting with a flotation, according to Sky News.
A stock market listing remains the company’s preferred route, sources added.
The report said a Travelex spokesman declined to comment.