British marine electronics manufacturer Raymarine has confirmed that it is in talks for the sale of the company with parties including American communication and navigation specialist Garmin, according to IBI magazine.

As a result of rumours of a buyout late last week, shares in Raymarine surged and are now trading at 16.75p, 91 per cent above the 52 week low set in July this year.

In a statement released yesterday morning Raymarine states: “the talks may or may not lead to the sale of Raymarine.”

“Raymarine continues to explore a sale of the business or an equity fundraising and, in the absence of either of these, to secure additional medium term debt facilities with its banking syndicate,”

Headquartered in Portsmouth, Raymarine designs, manufactures and markets electronic equipment for the leisure marine industry.