Former employees of the colour book printer are pinning their hopes on the surprise proposed bid by director Kevin Sarney, supported by two fellow directors, and former managing director Peter Maunder.
However, administrator Peter Kubik, who was appointed by B&T parent company MPI last Thursday as union Unite sought a High Court petition to put the company into administration, has said the deal needs to be on the table in the next few days.
"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.
Finance was yet to be secured for the bid as PrintWeek went to press on Tuesday, but Sarney said he was confident the team would get its offer in before the deadline.
"The timetable is feasible," he told PrintWeek. "We are talking with investors at the moment with an eye to purchasing the business as a going concern."
Unite national officer Ann Field said: "Unite reps and officials met the management team leading the prospective bid for Butler and Tanner Printers Ltd today.
"We listened to their plans with interest and hope they will secure the necessary finance to enable colour book manufacture to continue in the South West. Unite welcomes any move which is seriously intended to keep book
manufacture and jobs in the UK."
If a bid is tabled, it will be up to administrators Andrew Andronikou and Peter Kubik, of UHY Hacker Young, to decide whether it represents the best value to the company's creditors.
Mike Dolan, chairman of B&T's parent company MPI, said he was aware of a potential bid and held Sarney in "high regard".
Dolan had previously rejected a bid for the company, believing an "orderly dissolution" offered the best result for the company's unsecured creditors.
The news comes as Dolan confirmed that the Friary Press, which was based at the B&T site in Frome, Somerset, was in the process of being relocated to the company's Goodman Baylis site in Worcester.
Jeff Hayes, former managing director at B&T, will become managing director of the Friary Press.
Deadline of days for B&T rescue bid
A proposed offer from former management to buy closed book printer Butler and Tanner (B&T) must be submitted by the end of the week, according to the company's administrator.
