Wenham Major the troubled Top 50 firm was set to be sold on Friday afternoon afternoon after entering administration.

Vantis corporate restructuring specialist Nick O'Reilly became the administrator on Wednesday and it is understood that a deal would be sealed before the close of play Firday.

Bentley Jennison has been involved in sale discussions but it remains unconfirmed who the front running suitor is. Sources close to the deal have suggested more than one potential buyer remains in contention.

On Monday staff at the firm were shocked to receive a letter from the firm's joint owner Ammar Azam terminating everyone's employment.

However, despite the consternation inside the firm, it is understood that staff and the administrators have continued with business as usual.

The crisis at Wenham Major emerged two weeks ago when the firm issued a letter revealing that Azam has uncovered 'financial irregularities' inside Wenham Major Private Client, an arm of the firm founded by Azam's fellow owner John Joyce. The statement also said that legal action was planned against Joyce by the firm.

Joyce has been in hospital and unavailable for comment.