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The sources say VT is waiting for clarification over whether Mouchel will stay within its 拢190m credit facility. Any move by VT would follow its offer of 260p per share in December, which valued the company at 拢276m. Mouchel rebuffed that, allegedly seeking 300p.

There has been no movement since then and several analysts this week described the deal as having gone 鈥渦nusually quiet鈥�.

Mouchel鈥檚 overall borrowing at the end of its financial year on 31 July 2009 was 拢180.7m, which left it with headroom of 拢9.3m. At a trading update on 11 December the company said borrowing would be above the figure at its half-year on 31 January, owing to weak trading in Dubai, where it has a joint venture with troubled developer Nakheel. In March it will come under further pressure when the facility falls to 拢180m.

According to two sources close to VT, which has an estimated war chest of 拢350m, the firm is hoping its bargaining position will strengthen if Mouchel comes under financial pressure.

VT will make Mouchel sweat until it is ready to move

Source close to VT

One said: 鈥淰T is well aware of Mouchel鈥檚 financial position and will make it sweat until it is ready to move.鈥�

A second source close to the bid team added: 鈥淚f there is trouble on the debt facility, shareholders would not be impressed and it would heap pressure on the management to sell to VT.鈥�

It is also understood that Mouchel faces a half-year banking covenant test at the end of January. Its agreement with lenders, which include Lloyds, RBS and Barclays, states that net debt must be no greater than three times its profit level.

Mouchel and VT Group both declined to comment.