LONDON, May 16 (Reuters) - The owners of Peacocks, the fashion chain, are considering selling the business for around 600 million pounds ($875 million), according to the Sunday Times.

Peacocks

The report said a consortium of private investors, led by the private equity arm of Goldman Sachs, plans to appoint an investment bank this week to auction the company.

The consortium had hoped to refinance Peacocks, but that was scuppered due to the retailer's debt levels, the Sunday Times said.

Goldman and the hedge funds acquired Peacocks in 2005 for about 400 million pounds.

Peacocks was unavailable for comment.

(Reporting by Rhys Jones) ($1=.6859 Pound)