Hibu, the Yellow Pages publisher, is up for sale five years after it collapsed into administration and lenders seized control.

Investment bankers from Rothschild have been called in to drum up interest in the former FTSE 100 company, according to City sources. Hibu, originally spun off from BT, was once valued at nearly £5bn but finally buckled under the weight of its £2.3bn debt pile in 2013 as Google and other digital services ended its lucrative hold on local business listings.

The company is now owned by a large consortium of its lenders, who have already sold off its businesses in Spain and Latin America. Now the remaining British and American operations have been put up for sale.

The British business, which employs 1,500 and is ceasing publication of the Yellow Pages this month, is expected to attract bids of up to £350m. After years of cutbacks and restructuring Hibu is attempting to steer a path to growth. Its UK digital arm generated earnings of more than £60m, up 5pc, from revenues of £200m last year.

Hibu still operates Yell.com, an online directory, but is increasingly focused on building and marketing websites for small businesses, helping them navigate Google and Facebook advertising.

Overall digital revenue in the UK was up 3pc last year. City sources said potential bidders may focus on the prospects for ­­Yell.com, which is not growing but has not been supported with marketing ­spending.

The Yellow Pages, which accounted for a tenth of revenue, declined 37pc and is now shutting down. Hibu’s US business, which is bigger but more dependent on declining print directories and has repeatedly sought bankruptcy protection, is likely to be sold in a separate transaction, City sources said.

The collapse of Hibu triggered thousands of job losses and wiped out shareholders. The company’s debt had peaked at £4bn as it borrowed to fund international expansion.