Finchmark is coming close to finding a buyer, with around six major groups set to make final bids next week.

A management buyout has not been ruled out at this stage, although current chairman Jim McDermott said any offer from the management team was likely to be outbid.

He added that he would not lead the team, and that if it succeeded he would step down as chairman.

I dont think it would be prudent, given that certain suppliers may take issue with me continuing at Finchmark as chairman, he said. He added that the business was continuing to pick itself up after two terrible months.

My prime concern is that the company goes ahead and grows from this point. Theres only one way to go when youre down, and thats up, he said.