The company is currently examining interests from various entities willing to take over the businesses.
It has also appointed advisers Alvarez & Marsal to assess the takeover interests.
In a statement, MJ Hudson said: “In addition to demonstrating the value within MJ Hudson’s operating businesses, the board believes that such transactions would provide the best opportunity to strengthen the Group’s balance sheet by reducing its debt and to ensure that it has adequate working capital in the medium term.”
The firm did not provide more details on the potential sale.
MJ Hudson added: “Trading in all the divisions continues, although the latter part of 2022 saw a slowing of fund raising activity and general transaction work for our clients which also resulted in lower activity for the related business units.
“The Board is looking at areas to reduce costs as well as measures to strengthen the balance sheet and improve the free cash position.”
Private equity firm Inflexion Private Equity is in the fray to purchase one or more units of MJ Hudson, reported Sky News.
In addition, MJ Hudson has named Ran Oren as its interim CFO after suspending Peter Connell last month.
Oren is responsible to examine the firm’s restructuring options, work together with major stakeholders, among others.