Equitable Life, the UK's oldest insurance mutual, has been put up for sale.

The troubled insurer was worth around £26 million at its peak but its value has collapsed to just over £7 million and now has only around 500,000 policyholders.

Non-executive chairman of Equitable, Vanni Treves, told the Daily Telegraph that he wanted to find a buyer and had received "half a dozen" approaches.

He said: "People interested in finding out everything about Equitable Life on the basis of confidentiality will be able to do so.

"They need that information in order to prepare a bid for all or part of the society."

The Equitable nearly went bust in 2000.

There was a fury among pension savers who had their investments cut to stave off bankruptcy.

An enquiry by the government found the company had previously made over-generous payouts to its policyholders and was in effect the "author of its own misfortunes".

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