Erinaceous is understood to have agreed to allow due diligence following an indicative offer of 300p a share indicative offer from HBOS. Financial Times

The offer would value the property services firm at about £320m.

The company holds its annual meeting today, at which it will confirm that discussions about a sale of the company continue.

Neil Bellis, chief executive and co-founder, hopes to retain about 35% of the company, and HBOS would own 65% following a delisting.