Leading Sussex estate agents Fox and Sons could be sold.

The agency's owner, insurer Royal & Sun Alliance, needs to raise £800 million after being hit hard following last year's September 11 terrorist attacks, the stock market slump, asbestos claims and flood liabilities.

It has said it will cut jobs and sell assets in order to shore up its finances. Plans to raise cash by issuing new shares - a move that would have diluted the value of its existing stock - have been ruled out.

The value of the group's shares has fallen by 60 per cent in the past four months and it is going back to basics by concentrating on its insurance business.

It is pulling out of the life assurance market and selling off non-core businesses.

Fox and Sons, the biggest agent in Sussex, has recently undergone major re-branding.

The Royal & Sun Alliance logo has been replaced with that of its subsidiary, Sequence, and some sector experts suggest it is part of a longer-term plan to make it a more attractive acquisition.

Countrywide Assured, which runs a rival estate agency, reportedly put in a £42 million offer for Sequence which was rejected.

A spokeswoman said: "We are not allowed to comment. This is all speculation and rumour. Nothing specific has been mentioned by Royal & Sun Alliance."

Fox and Sons new regional director Mark Allan said: "As far as I'm concerned, it is business as usual. My objective is to stabilise Fox and Sons. Staff turnover is down quite dramatically and I am looking forward to keeping the name alive."

The rebranding was a bid to gain a national presence as the estate agency chain was trading under different names up and down the country.