CITY advisers have been appointed to find buyers for a majority stake in Camelot, the group that runs the National Lottery.<br /><br />At least four out of Camelot’s five shareholders, representing an 80 per cent stake in the group, are interested in selling their stakes which are valued at a total of more than £300m. <br /><br />The shareholders, headed by Cadbury, Thales and the Royal Mail, have instructed Greenhill and Rothschild to handle the auction.<br /><br />It is not known which of De La Rue and Fujitsu Services want to sell.<br /><br />One source close to the situation said at least four of the group’s shareholders did not see their stakes as core holdings.<br /><br />“Any sale by them would be beneficial for the company because currently they aren’t really active. You can envisage a position where the management would welcome it.”<br /><br />The source cautioned that a sale might not definitely go ahead. “If they don’t achieve the right price, a sale won’t happen,” he told City A.M.<br /><br />Sky News reported that the four shareholders – who all have a 20 per cent stake – are looking to fetch around £80m each. <br /><br />A change of ownership, especially if it were to be a private equity group, would not necessarily lead to a change of management at the group, which is headed by Dianne Thompson.<br /><br />Any new owner would have to be approved by the National Lottery Commission and essentially that would involve the new owner passing the equivalent of a fit and proper person test.<br /><br />Camelot, which won the right to run the competition for another 10 years in 2007, has raised around £22bn for good causes so far.<br /><br />The operator keeps less than 0.5p of each £1 earnt, according to advisers. In May, Camelot unveiled its best sales performance in a decade, after successfully completing the largest lottery upgrade of its kind in the world.<br /><br />There will inevitably be speculation that billionaire businessman Sir Richard Branson may bid.