Vincent Tchenguiz is working on plans for a possible break-up of Erinaceous. The Sunday Telegraph. Financial Times

Several corporate predators are understood to have made informal approaches for the ailing property services group that breached some of its banking covenants last week after it announced a strategic review on Thursday.

’I can’t say that we are or that we aren’t going to bid for Erinaceous, but I will say there are more options open to us than simply breaking up the company,’ said Tchenguiz. ‘We could buy a stake in it and work on turning it around.’

He said another option is to merge one of his own companies with Erinaceous. His Consensus Business Group owns Solitaire, a residential services group, and Peverel, a retirement homes company.

We have got a lot of companies that we could merge with Erinaceous,’ said Tchenguiz. ’But we can’t know what we will do until we see the books.’