A DEAL could be struck within days to bale out Nationwide Telephone Company which has collapsed with the loss of 60 jobs.

Hopes are high a buyer could be in place to rescue the cash stricken award-winning firm early next week.

However, the move may be too late for the 60 staff based at Nationwide's Peel Way headquarters in Bury who were sent home after being made redundant. At this stage, it is far too early to say whether the workforce would be taken on again by the new owners.

Negotiations to sell the business, launched 13 years ago by entrepreneur Mark Bedward, are currently taking place.

Mr Michael Horrocks, of Manchester-based Coopers and Lybrand, was appointed administrative receiver over two weeks ago by Nationwide's bankers, the Midland Bank.

He says the company, the UK's largest independent provider of telecommunication services, owes unspecified "large sums of money".

Although virtually all the staff at Bury have lost their jobs, 90 others jobs at Nationwide's network of ten other sites in the country remain intact.

Mr Horrocks said yesterday: "We are at a delicate stage. We have received a number of offers. We are currently evaluating these and we sincerely hope we can accept one and do a deal."

The firm has won the Bolton and Business Company of the Year Award, and Granada TV's "Flying Start".

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