A potential buyer has been found for a Bradford direct-mailing company which went into administration leaving up to 30 jobs under threat.

Remaining staff at Prospect Mailing Services of Wyke had been warned if a new owner was not found the company would be shutdown.

But yesterday a spokesman for the company’s administrators London-based SFP Group issued a statement confirming an offer on the business had now been accepted subject to contract.

The spokesman said: “Following a period of marketing Prospect Mailing Services’ business and assets, an offer has now been accepted subject to contract.

“Both the Joint Administrators and the proposed purchaser are working tirelessly to finalise certain outstanding points and to progress the formal sale documentation.

“A further update can be expected during the course of next week.”

Earlier this month Kevin Dunstall, of investment group Cogent B2B – which owns Prospect – said he was working on a move to combine it with St Ives Direct in Laisterdyke, which Cogent recently bought in an £8 million deal.

He had said a merger plan would be the only way to save Prospect after describing it as “a distressed business” – however, the T&A understands that merger had not been completed.

Before it went into administration, staff at Prospect had been raising concerns since the St Ives’ deal was announced, claiming that wages were being delayed or withheld, something the company blamed on enforced changes to its accounting system.

The T&A was told staff had been left in tears when the first round of job losses were announced, people’s names were reportedly called out and they were told to go to the canteen before getting the news, having to empty their lockers and then be escorted off the premises.

Staff have since told the T&A an announcement was made on Wednesday a new buyer might have been found to save their jobs.

One worker, who did not want to be named, said: “They were told a new buyer might have been found but were given no more details.”