LONDON (Reuters) - Britain's Virgin Group expects to receive details of a financing package for its proposed rescue of embattled bank Northern Rock in the next few days, owner Richard Branson said yesterday.

Branson said the Virgin-led consortium aiming to salvage Britain's biggest casualty of the global credit crisis expects to hear from advisers Goldman Sachs shortly, despite growing speculation that Northern Rock will have to be nationalised.

"I would hope and expect to get that package in the next two to three days," the Virgin owner told reporters as he flew to China as part of a British business delegation with Prime Minister Gordon Brown. "Subject to what Goldman Sachs has to say, I'm still confident a deal can be done, but it depends what Goldman Sachs comes back with."

Branson said the British government wants a conclusion to the affair by mid-February, adding that, if a private-sector solution could not be found, the bank would most likely be nationalised then.

Northern Rock suffered the first run on a British bank in more than 140 years after it sought emergency help from the Bank of England in September, embarrassing the Labour government which had built its reputation on economic stability.

Since then, buyers have been sought to rescue the bank, limit job losses and repay emergency loans of more than £25 billion ($49 billion).

But analysts believe continuing tough credit market conditions are making it hard to raise the required funds.

The Daily Telegraph reported earlier this month that Goldman Sachs had admitted defeat in trying to source money for the deal and Britain has already lined up a prospective chairman if Northern Rock were to be nationalised.

"The Treasury and Prime Minister have made it clear they want to see an outcome to this by mid-February. If not ... then either some form of nationalisation or quasi-nationalisation may take place," Branson said.

"It will only be nationalised if everything else fails. We will battle to the 11th hour."

Northern Rock has meantime made the first repayment on money borrowed from the Bank of England after selling a £2.2 billion ($4.3 billion) book of mortgages. The repayment is estimated to have cut Northern Rock's borrowing from the central bank to about £24 billion.