Unipart Automotive, the car parts supplier facing imminent bankruptcy, may hope for a late reprieve as investment firm R Capital is believed to be looking to buy the company.
Sources say negotiations have been going on throughout the weekend with KPMG, the accountants appointed by Unipart Automotive, with a decision likely this week.
Unipart Automotive, formerly part of British Leyland, has been hit by poor trading recently, and funding became critical in July.
As well as R Capital, there are another two unnamed bidders still believed to be interested in Unipart Automotive, but Better Capital and Euro Car Parts are now less keen, according to The Sunday Times.
R Capital, a specialist in turning around troubled businesses, had previously bought the roadside restaurant chain Little Chef in 2007, before selling it to Kuwaiti Kout Food Group in 2013 for £15m.