A BUISINESS used by major companies for conferences and residential training was today put up for sale by a leading hotels and leisure group.

De Vere Venues caters for as many as 700,000 conference delegates a year, including at Cheadle House near Manchester Airport, Heythrop Park in Oxfordshire and at the Kassam and Ricoh Arena football stadiums.

De Vere Group said its decision to appoint Lazard to advise it on a possible sale of the 30-location business followed a number of unsolicited approaches from interested parties. The Times newspaper said analysts valued the business at between £280 million and £300 million.

The operation was previously known as Initial Style Conferences until it was sold for £325 million in 2005 to an investor group and then merged with the De Vere hotel and leisure empire. De Vere is part-owned by Lloyds Banking Group following a debt-for-equity swap three years ago.

The Venues business is expected to deliver £28 million in underlying earnings this year, with its prospects underpinned by long-term relationships with blue-chip customers.

It added: "The group is not under any pressure to undertake a disposal and will only conclude a transaction which is in the best interests of all stakeholders."