Paul Costelloe, the Irish fashion designer who recently designed outfits for the wives and girlfriends of the European Ryder Cup team, could see his label sold for around £10m after owners Signature Brands put it on the market. 

Up for sale is the license to produce womenswear together with six Paul Costelloe standalone stores in Chester, Wilmslow, Horsham, Marlow, Amersham and Tunbridge Wells. Costelloe himself has said that any sale would need his approval, and he is expected to remain with the company. 

Signature Brands have hired Cavendish Corporate Finance to manage the auction of the business, with Cavendish's director Paul Hernan revealing that shareholders made the move to sell after receiving an unsolicited offer. 

 No potential bidders have as yet been named, but bids are expected to come from competitors of the company rather than financial institutions.

The Paul Costelloe label was set up by the designer in 1999, who subsequently sold it to Silk Industries in 1997. As well as operating standalone stores, the company also has concessions within the House of Fraser, John Lewis and Brown Thomas department stores.