Foodservice wholesaler Brakes has been put up for sale by its owners, private equity firm Clayton, Dubilier & Rice, for an estimated £1.2bn.

Clayton, Dubilier & Rice has reportedly hired investment banks Deutsche Bank and JP Morgan to run the sale with interest expected from trade buyers and private equity.

Brakes operates 82 depots across the UK and has a turnover of £1.6bn, according to latest figures available from Companies House.