Ryobi international sales manager Mr Hamada said: We are already negotiating with a candidate and we are close to finalising a deal. He added that the new distributor could be announced within two to three weeks.

Apex, which had a joint venture with Ry-Offset for DI presses, has been mooted as a potential partner and a good fit. And one major UK distribution business is known to have declined to take on the Ryobi agency.

Knight Machinery (Holdings) remains in administration with KPMG and is trading as usual. KMPG is speaking to an undisclosed number of parties about the companys assets. There have been no further redundancies since the eight made earlier this month.