5 August 2002: The joint administrators for Jensen Motors Limited, Jon Newell and Philip Long of PKF, can confirm that they are nearing the end of the bidding process for the luxury car manufacturing business, which went into administration last month.

Philip Long said, "We are pleased with the level of interest so far, which has resulted in two firm offers being made. We expect there to be further offers in the next few days and we will consider them all carefully before reaching a final decision."

The administrators are hopeful that they can reach a deal for the sale of the business this month.