Struggling TPI in "advanced discussions" on sale of business

Turning Point Innovations (TPI) could be on the verge of a dramatic rescue after it emerged that administrator Joe McLean of Grant Thornton is in "advanced discussions" with a potential suitor.

McLean, who was appointed on 13 May, confirmed that the repair side of the former Newcastle Computer Services (NCS) business was sold last week to North East-based Onyx Group and that a sale of the remainder could soon follow.

"The main part of the business is likely to go in the next 48 to 72 hours," he said.

McLean is understood to be talking to a company lined-up by former Turning Point Technology (TPT) managing director Steve Emerson, who has been keen to rescue the business he merged with NCS in 2007.

He said: "The company [that Steve Emerson] was talking to before is the company that I, as the administrator am talking to now. They have put in an offer and we're in fairly advanced discussions now."

Emerson said: "Our offer has been accepted by the administrator and we're just working through the last details and hope to have it all put to bed in the next 48hours."