possibility of keeping fast food giants McDonalds on the Island.

The McDonalds on the US Naval Air base closed last Thursday night with the closing of the station.

Government regulations ban franchises operating in Bermuda and in addition any local company has to be at least 60 percent owned by Bermudians.

On Friday Sir John said the discussions had not got very far and that in order for any bid to be successful it would require a change in Government regulations.

The group of business people, he said, were informally discussing the idea and had not yet joined forces.

"They are discussing the possibility, that is all. It is not something that is costing them money,'' he added.