Oakley Capital, which was founded by Peter Dubens, is believed to be one of the leading bidders for the online firm after initial bids were tabled this month, Sky News has reported.

Lastminute.com is currently owned by Sabre Holdings which bought the company in 2005 for £600 million.

In August Sabre appointed advisory firm Houlihan Lokey to auction the company, which would be worth considerably less now. The company is reported to be resigned to making a loss on the sale.

Following the announcement of the auction, Sabre president and chief executive Tom Klein said: “As part of Sabre, lastminute.com has significantly improved its technology and operations, and is now perfectly positioned to unlock its full growth and profitability potential.

“The decision to review strategic options for lastminute.com supports Sabre’s strategy to focus on our core business as the world’s leading technology provider to the global travel and tourism industry.”

Dubens has a history of investing in leisure, media technology assets and bought Time Out London in 2010, whereupon he made it a free paper.

Oakley Capital is believed to be just one of several bidders in the race for the company, although no rival companies have been identified.