Reports indicated that owner David Richards was understood to have submitted an offer of around £450m. The reports said that Richards was working on a joint bid with a number of private investors, including Naeema Capital which has submitted a final round bid. Richards also finds himself up against Doughty Hanson, the buy-out group and Simon Halabi, the Syrian-born property tycoon in the fight to buy the luxury car marque put up for sale by Ford.