Jaycar has cancelled plans to find a buyer after a number of interested parties, including JB Hi-Fi and Harvey Norman, pulled out of the running.

The group had appointed Barrenjoey to facilitate the sale, which was expected to be in the ballpark of $500 million.

“Over the last six months the Jaycar Group has conducted an extensive and detailed review of all aspects of the business and have reviewed the strategic plans for the future,” Jaycar said in a statment.

“As a result of this work the board has decided that there will be no changes to the current ownership of the Jaycar Group or its strategic direction.”

Jaycar generates roughly $60 million EBITDA a year.

“We will shortly be establishing several new business growth initiatives including the launch of our new digital commerce strategy, the opening of a new Warehouse in Brisbane and the opening of several new Jaycar and RTM stores,” Jaycar Group managing director Michael Newsom said.

“We will continue to enhance the systems at [a new warehouse in] Eastern Creek and have recently committed further capital to expand the warehouse’s capacity.

“The Group’s Retail and Wholesale operations of our business continue to perform well as they recover from Covid impacts over the last two years.”