Billy Kane, chief executive of Finance Ireland, which owns 40% of Nua in a joint venture with Investec, told the Sunday Tribune that if the Kensington deal goes ahead, the Nua shareholder agreement would not permit the two brands to continue operating under the same majority shareholder.

"I wouldn't think that running two brands under one majority owner would make sense, " he said. "It wouldn't be good for Nua shareholders."

He said until a deal is done, Nua would continue business as usual. He could not say which brand would lose Investec. It was unclear at the time of press whether Start had an ownership clause that would affect Investec's stakeholding.

Investec was "fully committed" to Nua, he said, and Finance Ireland was happy with its progress.