Speculation in the national press suggests that the relationship between Independent News & Media's (INM) two biggest shareholders, Sir Anthony O'Reilly and Denis O'Brien, has broken down, with O'Brien last week calling for a vote on whether to close or sell The Independent and The Independent on Sunday.

According to media reports, O'Brien has grown tired of continual attempts to restructure a £1.1bn debt and it is understood that his actions may be a ploy to speed up a resolution as much as an actual call for the title to be closed.

However, Independent News & Media immediately denied that such a vote would take place, putting further strain on the relationship.

If the publication were to be shut, it would be the first closure of a UK national newspaper for nearly 15 years, since The Today ceased publication in 1995.

O'Brien is also attempting to halt the sale of the company's South African outdoor business, which is currently one of the better performing divisions.

A meeting is expected to take place in October to further discuss the situation.