In 1879, Benjamin Henry Blackwell's tiny new bookshop opposite the Sheldonian theatre in Oxford quickly began to prove popular among the city's student population.

Demand for his books proved strong and before long other Blackwell's bookshops sprung up, and today there are 70 stores in the chain.

Away from the high street, the business expanded even further. Benjamin's son Basil began publishing textbooks for students in 1926, and a specialist science publishing house was founded in 1939. Today Blackwell publishing operations have become an international business with a strong presence in the US.

A complex web of cross-ownership has bound the empire under tight family control for more than 120-years. But two years ago the sale and buyback of £44m of shares owned by Miles Blackwell - the brother of current chairman Nigel - allowed management to begin unwinding the cumbersome corporate structure and drag the business into the 21st century.

But this month, in a dramatic departure from the family's previous position, chairman of the group's retail arm Toby Blackwell publicly put the case for a sale of the business.

Toby can personally secure control of 39% of voting shares; his nephew Nigel, who opposes a sale, controls 42%. That leaves the balance of power with Toby's son Philip, who owns a 5% stake, and distant family and former employees, who make up the rest.

A sale of the business - valued by analysts at £300m-£400m - would require the approval of holders of 75% of voting shares, but a change to the board could be achieved with a simple majority.

While the struggle between management and dissenting family shareholders rages, the debate may soon be overtaken by events. Rumours abound that one of Blackwell's many likely suitors is to put a bid to the board within weeks.

Some reports suggest the managing director, Rene Olivieri, is looking to venture capitalists and private equity firms to back a management buyout.