The Bradford-based mailing business was placed in administration by owner Kevin Dunstall earlier this month.

A spokesman for administrators at SFP Group has confirmed to PrintWeek that an offer for Prospect’s business and assets has been accepted, subject to contract.

In a statement, SFP said: “Both the joint administrators and the proposed purchaser are currently working tirelessly to finalise certain outstanding points and to progress the formal sale documentation.”

The identity of the potential purchaser was not disclosed. SFP said there would be a further update next week “at which point the joint administrators will clarify if the sale was achievable.”

Reports vary about the number of staff laid off. One former employee told PrintWeek that 80 employees had been let go when the administrators were appointed, with a number of staff owed wages by the business.

Dunstall had originally planned to combine the Prospect business with his recent acquisition St Ives Bradford, now renamed Global Media Production.