Peter Kubik, administrator at UHY Hacker Young, said today's date was pitched "to focus the mind".

He said that if no contact had been made by the team, led by Kevin Sarney, ex sales and marketing director at Butler and Tanner, by close of business today, he would "continue with plans to put together an online auction for the company".

However, Kubik said this process can take "two to three weeks" and if an offer was to be tabled in the interim "then great".

Sarney insisted his team, which includes two fellow directors and former managing director Peter Maunder, was "working round the clock to put together an offer", but that he would not be rushed into an agreement.

"I'm not going to put together a half-cocked offer," he said. "I think, at the end of the day, we're working hard and want to do this professionally."

Sarney would not be drawn on the level of finance available and the nature of a proposed offer but added "the investors need due diligence and each day, things are evolving".

"All things will come clear in time. We want to keep this site in Frome so let's get this thing done," he said.

Kubik previously told PrintWeek there is mounting pressure to reach a decision on the fate of the printer, which was closed with the loss of nearly 300 jobs on 26 April and was put into administration on 8 May.

"There are big overheads at the site, including the lease on the building and the cost of the security team in place to protect the assets. I need to see some money soon," he said.