The Accident Group had attempted a refinancing deal with Pizza Express tycoon Hugh Osmond, before it slipped into administration, Saturday's Daily Telegraph has reported.
TAG's founder and chairman Mark Langford confirmed that the group was in negotiations with Mr Osmond's investment vehicle, Sun Capital, as early as June 2002, the paper said.
It added that Capricorn, a South African private equity company that specialises in insurance, and investment bank Morgan Stanley were approached by Mr Osmond when considering the investment option.
However, Mr Osmond told the Telegraph that despite initial interest in the deal he had decided not to proceed after a due diligence had been completed.
