Permira, the private equity group, is putting the budget hotel group Travelodge up for sale with a price tag of around £1bn as it looks for a timely exit from its three-year investment.
Last week Permira held a beauty parade of potential advisers to arrange a sale or flotation of the business. A sale is thought to be the most likely scenario, easily the "cleanest exit" for a private-equity business, and also because the budget hotel chain is expected to attract a lot of bid interest. A float, which carries more risk, is seen as the least likely option. A management buyout is seen as a possibility.
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