Daina Limited - the parent company of retailers Buds, Beans and Books, the Elbow Lobby Shop, and recently closed Smuggler's Reef - could have a new owner, after bids on the assets of each company closed on Monday.

The company, started some 20 years ago by retailer John Casling, went in to receivership earlier this month.

The assets of the companies - divided in to five parts and including Buds, Beans and Books; a going concern - were open to tenders through 4pm. on Monday. But, Receiver Ernst & Young declined to comment on the number or nature of bids received. The company - which is acting as receiver on behalf of the Bank of Butterfield - did say it anticipates an offer will be accepted. Mr. Casling himself is thought to be amongst the bidders. He told The Royal Gazette, earlier this month, that he hoped to bid on the sale and reclaim the operation with the ability to make a debt repayment programme with creditors.

Mr. Casling called the legal action "similar to a Chapter 11" in the US, which would allow him to restructure, and carry on with the business. Mr. Casling is citing Bermuda's declining tourist numbers as a key factor in the failure of his company.