Car parts supplier Unipart Automotive is hoping for a takeover to be agreed to stop it filing for administration.
One potential candidate to buy is Euro Car Parts, reports the Financial Times.
Unipart Automotive has filed an intention to appoint KPMG as administrators, but its owners are hopeful of reaching a deal by the weekend.
Mark Dixon, chief executive of Unipart Automotive, told the FT the company was in detailed discussions with three parties in respect of the sale of the business.
"A notice of intention to appoint administrators has been filed, but merely with the intention of protecting Unipart Automotive while we complete this sale process."
An intention to appoint administrators has to be filed by the company and does not automatically lead to insolvency proceedings, but gives it 10 working days to finalise a deal and prevent its lenders or other creditors forcing it into administration.
Unipart completed a refinancing in May with a capital injection from existing shareholders, but was forced to file its intention to appoint KPMG after a period of poor trading.