A sale of Godiva Japan is being considered which could value the business at US$1.5 billion.

Parent Yildiz Holding is considering an offer which would allow it to use the proceeds to reduce debt and invest in other markets with larger growth prospects.

Gidova Japan has annual sales of about $350 million a year according to Reuters.

Yildiz Holdings was founded by Turkish brothers as a biscuit shop in 1944, acquiring Godiva in 2007 for $850 million. It now operates hundreds of Godiva cafes around the world as well as marketing Godiva-branded chocolate products, and its assets include UK brand McVitie’s biscuits.

Unnamed sources told Reuters a formal sale process would commence within weeks.

Prospective bidders include rival confectionery companies or private equity funds, along with Japanese trading groups.