The private equity backer of Wowcher, the online discount deals platform, has begun exploring a sale of the business.

Sky News has learnt that Exponent is working with investment bankers on an auction of Wowcher, which was founded in 2009.

City sources said on Wednesday that a sale process had been under way for several weeks and was now in its second round.

Wowcher offers discounted deals on a wide range of products, including holidays, furniture, fitness equipment and clothing.

The company was previously owned by Daily Mail & General Trust, publisher of the eponymous newspaper.

DMGT combined Wowcher with LivingSocial, a local discount deals website, in 2015, before selling a majority stake in the combined business to Exponent in the same year.

That deal was reported to value Wowcher at £29m, with DMGT retaining a 30% interest in the company.

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It was unclear what valuation the business might now change hands for.

Wowcher is the latest in a string of Exponent’s portfolio companies to be put up for sale, with others including Photobox Group and Spotlight Sports, owner of the Racing Post.

Exponent declined to comment.

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