One Equity, a finance group led by the former Ford chief executive Jacques Nasser, and the Indian carmaker Tata are now the preferred bidders, according to the Times newspaper.

An offer from Mahindra & Mahindra remains on the table but Ford is believed to be focussing on the other two bids, which are thought to be worth up to £1bn, and fairly similar in their content.

Unions are set to meet the shortlisted bidders today in an attempt to receive assurances that production facilities in the UK remain in operation.

The unions have not publicly stated a preference but are thought to favour the bid from OneEquity, which is less likely to outsource vehicle production.