The lead bank to Merchant Inns, the collapsed pubs-with-rooms operator, is understood to be considering retaining control of the six-strong group.
It has emerged this morning that Royal Bank of Scotland (RBS) may elect to appoint its own management despite a bid by Sir John Ritblat, the property entrepreneur and co-founder, to buy the business back through his family's Delancey investment vehicle.
Robert Breare, the former executive chairman of Merchant Inns who left after a fallout with Ritblat, is also understood to be a bidder for the business.
Administrators Deloitte, who were bought in following the discovery of "unknown" financial liabilities, appointed Colliers Robert Barry to find buyers.
RBS last week concluded a complex deal for Orchid Group to run Premium Bars & Restaurants - the failed operator of Living Room - on its behalf. It is thought that if successful, the deal could eventually see Orchid take full control of the group - if RBS's debt position can be recovered.
The bank may pursue a similar strategy with Merchant.
It is understood that other potential bidders include Ted Kennedy, the chairman and founder of Pebble Hotels.
Breare and Ritblat teamed up in October 2007 to buy Merchant. They formed Kamside, an investment vehicle, to purchase the five-strong portfolio for about £20m, including £10m of debt, later adding a sixth site.
Ritblat was for many years the driving force behind British Land while Breare, who founded the Noble House business, also chairs Individual Restaurant Company, the Piccolino operator.
The strategy at Merchant Inns was to purchase pubs that could be developed into food-led propositions with a significant rooms business plus ideally conferencing and events facilities too.
One of its properties - the Horse & Groom Inn near Malmesbury in the Cotwolds - recently featured in the top five of the Morning Advertiser's list of best pubs in the country. Merchant's other properties are: the Lambert Arms in Watlington (Oxfordshire); the Talbot Inn in Ripley (Surrey); the Carnarvon Arms, Newbury (Berkshire); the Black Boy Inn, Banbury (Oxon).