Vp’s Chairman Jeremy Pilkington, 71, plans to sell his 50.26% stake, held through his company Ackers P Investment Company.

Announcing the start of the sale process, the firm this morning reiterated it was not currently in discussions with, nor in receipt of an approach from any potential buyer.

The group presently has a market capitalisation of around £330m.

Chairman Pilkington said: “Vp’s controlling shareholder, a company connected to me, has decided that it wishes to diversify its investments.

“This does not in any way reflect a dissatisfaction with the company or its direction. Indeed, they are strongly supportive of management and highly satisfied by the continuing strong performance of the group.

“But they do have to take into account their current and future obligations to my family as a whole.”

Neil Stothard, Vp chief executive, said: “The board intends to seek a buyer who will respect our unique heritage and highly valued employee base, while supporting our longer-term growth ambitions and ensuring we continue to develop our business and maintain an environment whereby the business can continue to deliver long term, quality returns, to our shareholders.”