Private equity firm Silverfleet Capital has entered exclusive talks to buy the UK shoe retailer Office, according to a newspaper report.

The deal could be worth around GBP150m to Office owner Sir Tom Hunter, according to The Sunday Times.

Hunter appointed a team of advisers to explore options for the shoe chain in June, including a possible sale. Hunter's investment vehicle West Coast Capital appointed Hawkpoint in the UK and boutique investment firm Financo in the US to handle the deal.

West Coast Capital bought the 124-outlet chain in 2003, and was thought to be demanding a potential price tag of GBP200m (US$304m).

Silverfleet and Office are not commenting on the reports.