Balls Brothers, the London-based wine bar business, is set to be rescued from administration as early as the end of this month, according to reports. The business, which was placed into administration in November of last year by backer Barclays, could go for around £8m. Two private equity companies and the bar group’s founding family – also backed by private equity – are reported to be on the bidding shortlist. According to reports the company had repeatedly breached its banking covenants and has outstanding debts of £7m – raised largely to finance its acquisition of Lewis & Clarke in 2006. In the year to January 2009, the last accounts at Companies House show that the company slumped from a post-tax profit of£2.6m to a loss of £224,000. Following the appointment as administrator, Nick Cropper of Zolfo Cooper, said: “The Balls Brothers business has been an established name for over 50 years and is extremely well known across the London leisure and dining sector. "The company has a great heritage and enjoys a lasting reputation due to its high standards in service, food and wine, and is sure to generate significant interest."