The founder of high-street phone retailer Phones4U has reportedly called in financial advisers to find a buyer for the company.

Phones4U has so far refused to comment on the speculation, but according to The Telegraph John Caudwell has appointed investment bankers NM Rothschild to look into a sale.

A spokesman for Phones4U told the paper: "Our sales have been strong this year and it's ridiculous to suggest otherwise," but refused to comment further on speculation over the company's future.

Analysts have valued the company at around £1bn, the report goes on, and expect Rothschild will start its task by approaching mobile operators.

Phones4U has not responded to our requests for comment at the time of writing. ®