Fit-out firm is also exploring possible rights issue option as retail downturn hits

Retail fit-out specialist Styles & Wood has said it is exploring the possibility of a private equity sale.

In a statement to the stock exchange, it said it was also looking at the option of raising money through a rights issue in order to shore up its balance sheet.

It said: “There can be no certainty that either an offer will be made, nor as to the terms on which any offer may be made for the company, or that it will be successful in raising any additional equity capital.”

It added: “The company's bank remains supportive of the business and the above process.”

The company has been hit by the retail downturn, and earlier this year chief executive Ivan McKeever said the market had “gone off the boil in the short term” with the exception of food retail.

Its order book is in line with management expectations at £77.4m.