The firm, which also offers short-term loans to cash-strapped consumers, said that following the trading update on November 27 it considers it "in the best interests of the company's shareholders to seek to sell the business".

The company's fortunes have fallen as the price of gold crumpled this year. Shares in the group, which have dropped by over 90 percent on a year ago, closed at 19 pence on Monday, valuing the firm at around 10 million pounds ($16.37 million).

Albemarle & Bond said it was conducting the formal sale process through its financial adviser Canaccord Genuity Limited.

(This version of the story corrects the spelling of the company name in first and last paragraphs.)

(Reporting by Neil Maidment; Editing by Anthony Barker)