Glasgow-based Collagen Solutions has hoisted up the “for sale” sign following confirmation that it is in discussions with “a number of parties” regarding a possible deal.

The business, led by chief executive Jamal Rushdy, has given potential buyers until May 15 to lodge an indicative offer. The company stressed there is “no certainty that any offers will be made as a result”.

Collagen Solutions manufactures medical-grade collagen used in medical devices, regenerative medicine and research, selling to customers in Europe, North America, the Middle East, Africa and Asia. Its shares, quoted on London’s Alternative Investment Market, have been trading below 10p for more than four years and have been hovering around the 1p mark since issuing it latest trading statement four weeks ago.

In that update, Collagen Solutions warned that contract delays and Covid-19 disruption would lead to a “materially greater than anticipated” loss for the latest financial year. The company said yesterday that it now expects to provide a further trading update next week, including year-end revenue and cash balances.