Burton's Foods, which owns brands including Wagon Wheels and Jammie Dodgers, could be sold by its owners US private equity group Hicks, Muse, Tate and Furst.

The firm has appointed Stamford Partners to advise on “strategic options”, and bankers have suggested that the company could be sold for £100m-£300m, according to reports in the Daily Telegraph.

“The board is looking at options for the future development of the business. This may involve securing further investment, to execute management's exciting plans to take the company forward,” said a spokesman for Burton's.