TalkTalk is planning to offload its B2B division, TalkTalk Business Direct, in a deal that could net the company £200 million ($245m).

According to Sky News, the company is in the early stages of the process to sell its B2B arm.

Investment banking firm Houlihan Lokey has been called upon to handle the process, Sky reports.

TalkTalk Business Direct currently serves over 80,000 small businesses and corporate customers across the UK, while any potential sale would also include a long-term wholesale agreement providing preferential access to the TalkTalk network.

TalkTalk's B2B arm recorded annual revenue of over £85m ($104m) and earnings before interest, tax, depreciation, and amortization of more than £17m ($21m).

Last year TalkTalk was heavily linked to a £3 billion ($3.69bn) takeover from Virgin Media O2 before market and regulatory uncertainties forced a rethink on a potential deal after months of talks.

TalkTalk was founded as a subsidiary of Carphone Warehouse in 2003 by its founder Sir Charles Dunstone.

The company owns a direct consumer unit with 2.5 million customers, plus a wholesale platform that includes additional non-TalkTalk business and residential customers.

TalkTalk confirmed to DCD that any proceeds from a sale would be invested in the wholesale platform.