National World, which has been eyeing up the trouble-stricken daily since 2019, has reportedly been gathering a group of financiers to back its potential £600m bid.

The publisher, which has most recently been in the news for a strike action of more than 300 journalists at its titles, is in talks with Cavendish Capital Markets and Peel Hunt to raise the capital for the takeover, according to Sky News.

The two firms would join National World’s existing finance advisor Rothschild, and Dowgate Securities, its broker.

National World confirmed in early August that it was considering participating in any auction of the TMG, as and when Lloyds decides to sell it off.

News broke that TMG was going to be sold in June, after the company was put into receivership over nearly £1bn of unpaid debts involving the papers’ owners, the Barclay family.

National World is not thought to be interested in buying The Spectator, according to the report.

Printweek has approached National World for comment.