Cinven-backed Spire Healthcare is the subject of increasing sale speculation with a dual track sales process now expected by the summer, according to three people familiar with the situation.

No formal process has been initiated but Spire is "on the slate" for sale in the coming months, according to three European leveraged finance bankers. An initial public offering run in conjunction with an auction process would be likely to value the business at up to £2bn including debt, the bankers said.