John Caudwell, the billionaire owner behind the Phones4U chain, has confirmed he has called in business advisers NM Rothschild.

But a spokesman for Mr Caudwell, who was named the richest man in the Midlands, said this did not indicate he intended to sell the business.

Mr Caudwell, who built Phones4U into one of Britain's biggest retailers, came top of this year's Birmingham Post Midland Rich List with an estimated fortune of £1.5 billion.

The 52-year-old entrepreneur set up the business with his brother Brian in 1987.

It is thought the business would be valued at around £800 million.

But a spokesman for the Caudwell Group said: "We have appointed Rothschilds as advisers to look at strategic opportunities within our business.

"Any business of our size has someone like them in place and a relationship with them.

"But this is not a prelude to a sell off of the business."

In addition to Phones4U, the Caudwell Group houses complementary businesses such as Dextra, which claims to be Europe's largest distributor of mobile-phone products and the fixed line operation Caudwell Communications.

It also owns Cornerstone Resourcing, a recruitment company.