Vantis corporate restructuring experts were appointed last week to handle the future of Wenham following a meeting with joint owner Ammar Azam and the firm’s bankers at HBOS.

The impending sale follows a disclosure from the firm two weeks ago that Azam had uncovered ‘financial irregularities’ in the Wenham Major Private Client business.

Advisers are said to be seeking more bids ‘in order to achieve a fair value’ for the business.

For the moment, the concrete offer relates to the core audit and accounting businesses in Wenham, though it also proposes taking on staff from the private client and tax businesses. The offer comes from a top 25 mid-tier firm, though sources declined to say which.

Separate interest has been shown in Wenham’s business recovery arm.

When news broke of the ‘irregularities’, the statement from Wenham Major Global Capital Partners also said the firm planned proceedings against executive chairman, and Azam’s fellow owner and founder, John Joyce. Joyce has been in hospital and is unavailable for comment.