Neither Polestar nor its owner Sun European Partners has made any comment on the ongoing negotiations.

A supplier to Goodhead said: "If it’s going to be a pre-pack with creditors left in its wake in order to write off the pension, then you have to question the legislation that allows that. There is no honour in business at the moment."

Another added: "If you’re an existing supplier to Polestar then you’ll probably get your money back."

A Goodhead customer said it was "business as usual at the moment" as far as his company was concerned. "I am talking to people [at Goodhead] who I trust implicitly. I can't see this deal not going through."

Sources close to the situation said a deal was likely to be concluded by the end of the month. "Usually you’d expect something to happen just after the wages have been paid, or indeed just before," noted one restructuring expert.

Sir John Madejski told PrintWeek there was "nothing to say as yet" and was unable to elaborate on a likely timeframe.