MR Alan Sugar, the entrepreneur who founded the consumer electronics and computer group Amstrad 28 years ago, is considering selling out.

In a joint statement yesterday, Amstrad and Psion, the hand held computer maker, said they were in discussions which could lead to a takeover offer by Psion.

The statement followed a 51/2p rise in Amstrad's share price yesterday amid reports that Mr Sugar wanted to concentrate more time on Tottenham Hotspur, the Premier League football club he controls.

It said Mr Sugar Amstrad chairman and owner of 34 per cent of the company was tired of having to meet the extra City requirements involved in running a public company.

The companies said yesterday the offer would value Amstrad at least 200p a share, compared with 148p at the pre-announcement close of trading, valuing the company at more than £230 million.

The statement said under any deal Mr Sugar would not join the Psion board while Mr David Potter, Psion chairman and chief executive, would take up the same position at the head of the enlarged group.

The companies said a further announcement would be made "in due course".