An announcement had been expected yesterday or this morning, but nothing has been forthcoming as yet.

It appears that negotiations are still underway due to the complex nature of any deal, with Polestar executives on-site at Bicester working on due diligence.

The terms are likely to be complicated by Goodhead's high level of debt, Sir John's own personal guarantees against certain pieces of equipment, and a pension deficit of at least £10.3m.

The shareholders' deficit is £39.6m, and Madejski has loaned the business £40m. He is also understood to have personal guarantees of circa £7m on BGP's latest Ferag kit, with consumables suppliers, and other asset finance providers.

The £67.8m turnover Goodhead Group employs around 576 staff across three sites: BGP, Stones the Printers, and its Buckingham bindery operation.

Also see related blog post: "Head-scratching about Goodhead".