Financial advisers Bestinvest, one of the UK's largest independent advisers and brokers, is set for a sale or flotation in a move that could see it valued at up to £150m.

Bestinvest have hired KPMG to advise on its strategic options. The move has come after Bristol broker Hargreaves Lansdown, the company's rival, was listed on the London Stock Exchange recently.

The firm has £900m under management and acts as an adviser to clients on a further £2bn of investments. In 2006 it listed a turnover of £16.1m, with a pre-tax profit of £6.1m.

Founded in 1986 by John Spiers, who still owns 80 per cent of the company, and former Personal Finance Editor of the Sunday Telegraph, Roger Carroll, Bestinvest has been the subject of rumours regarding a management buyout led by chief executive Andrew Barnes, who replaced Mr Spiers in the post earlier this year.

Mr Speirs commented: "We regularly receive approaches from potential acquirers and investors. We are now seeking professional advice on the best way to provide a secure platform to ensure continuing growth of Bestinvest."