The Hut Group (THG) is reportedly working with seven banks to work on a potential £4.5 billion stock market flotation. The Manchester-based company has called in Citi, JP Morgan, Barclays, Goldman Sachs, HSBC, Jefferies and Numis, according to Sky News. They have reportedly been hired with a view to a 1 billion pound sale of new and existing shares in THG which could take place as soon as September.

Last month, Sky News reported that THG had been holding talks with investors including Capital Research Group, Dragoneer Investment Group, and TSG Consumer Partners about a deal that would value the company at more than 4 billion pounds.

In the past, THG has expressed reluctance to list the business. Matthew Moulding, the group’s founder and Chief Executive, told the Financial Times last year that as a private entity “we’ve got management control from top to bottom.”

“We have got liquidity in our share register, and access to capital. You have to ask the question: what would be the point?”

A THG spokesperson said: “Each year THG speaks to major global investors about future investment options to support global growth plans. This has always been done as a private company, and this year is no different.”

One banker familiar with the process said to The Financial Times that some of the company’s other backers sensed an opportunity. “He [Moulding] is in charge but there are a number of others in there, people like BlackRock and KKR, serious players who are looking for some liquidity,” the banker said. “Valuations are looking very good for online retail at the moment.”