3i Group Plc (III) is preparing to sell women’s fashion retailer Hobbs Ltd. for as much as 250 million pounds ($407 million), the Sunday Telegraph reported, without saying where it got the information.

Private equity firm 3i will appoint advisers from PricewaterhouseCoopers LLP, which has valued the takeover at between 200 million pounds to 250 million pounds, the London- based newspaper said. PricewaterhouseCoopers has primarily been hired to advise the retail chain on a two-year expansion plan and a sale would started afterwards, according to Hobbs Chairman Iain MacRitchie, the newspaper said.

To contact the reporter on this story: Lucy Meakin in London at lmeakin1@bloomberg.net

To contact the editor responsible for this story: Daniel Tilles at dtilles@bloomberg.net