City Car Club has been put up for sale for a reported £10 million after having received interest from potential trade and private equity buyers.

Cavendish Corporate Finance has been retained to sell the business following the approaches.

The car club has vehicles available for pick-up by subscription-paying members across 14 cities around the UK.

Founded in 2000, the company is run by James Finlayson. In 2009, it acquired WhizzGo and in 2010 expanded the fleet to include vans.

Finlayson told Fleet News: "I can confirm that City Car Club has appointed Cavendish Corporate Finance as a result of a range of interest from car rental companies, vehicle manufacturers, and financial institutions.

"The successful IPO on Nasdaq of Zipcar recently has added to the interest we had prior to this, along with manufacturers such as Daimler, BMW and Peugeot entering the car sharing sector so the Board felt that we should explore exit opportunities for shareholders."