Clarks has decided to enter exclusive talks with LionRock Capital in order to sell a majority stake to the Hong Kong-based investment firm, the news agency Reuters reported citing a source familiar with the matter.

It added that LionRock prevailed in an auction process and that the British footwear company is valued at £100 million to £150 million (€110.4m-€165.6m, $129.4 m-$194.1m).

Separately, Sky News indicated that Clarks’ pension trustees have hired advisers from Penfida and FRP Advisory amid talks about the shoe company’s future.