Delegations from various potential purchasers have been seen on-site at the BGP factory in Bicester in recent weeks, with Polestar emerging as favourite to take over the business, according to sources  close to the situation.

KPMG is understood to have circulated a sale document.

Sir John Madejski has poured some £100m of his personal wealth into the loss-making printer, while expensive write-offs elsewhere in his business empire have significantly diminished his fortune.

He told PrintWeek: "There’s nothing I can talk about as we speak. It’s just one of the things that are looming around at the moment."

Polestar missed out on an opportunity to update its ageing web offset platform when Walstead Investments acquired the St Ives magazine printing facilities in the spring of 2011, just as Polestar was in a state of near-collapse prior to its takeover by Sun Capital Partners.

Since then, with Sun’s fresh backing plans for a possible web offset supersite next to Polestar’s Sheffield gravure facility have been mooted after other potential acquisition targets – believed to include Goodhead – proved unattractive according to group finance director Peter Johnston "either due to unrealistic aspirations on price or a disproportionate amount of debt."

The situation at Goodhead, which reduced its losses to £4.7m on sales of £67.8m in the year to 31 May, appears to have changed with a deal believed to be imminent. The group comprises web offset printer BGP and sheetfed business Stones in Banbury, although there is a question mark over whether Polestar would be interested in Stones or not.

The terms are likely to prove complicated, due to the extent of Sir John’s investment and Goodhead’s £10.3m pension liability.

Walstead chairman Mark Scanlon has publicly stated that further consolidation in the sector is needed. This week Walstead director Stephen Hargrave said: "We’re always interested in expanding our business but have no comment to make about any rumours concerning Goodhead."

Polestar chief executive Barry Hibbert was unavailable for comment at the time of writing.