The company has refused to confirm speculation in The Sunday Times that an offer has come in from German publisher Axel Springer, which owns Europe's best-selling newspaper Bild.

However, according to reports, INM has received "a number of approaches by parties with a potential interest in making strategic investments".

The Sunday Times claimed that a financial injection would lead to a rights issue that would dilute the shareholdings of feuding majority shareholders Sir Anthony O'Reilly and Denis O'Brien.

Financial strife at INM has led to speculation over the future of The Independent. O'Brien has called for the newspaper to either be sold or closed as a cost-cutting measure.