HERALD owner Sir Ray Tindle is hoping to hear next week if his bid for the troubled business running Farnham Castle has been successful.

As reported last week, management company Farnham Castle Briefings Ltd has entered administration after bookings for training events fell during the recession.

Sir Ray, who believes it important that Farnham residents should retain their access to the historic landmark under any new regime, said administrator James Money had indicated he was looking favourably on the bid.

There is understood to be both local and national bids involved and negotiations are continuing.

Sir Ray said he was grateful to the castle's trustees, including chairman Chris Harrison, and to the administrator for their help.

Hopeful of a satisfactory solution and being able to turn the business around, he stressed: "We need the support of the people of Farnham - more conferences, more weddings.

"I feel quite sure the staff will co-operate in making the castle profitable once again.

"We were very sad that some of the staff have had to leave but we do understand that the costs now have to be reduced by the administrator to make viability possible."