Orbis set for sale

A gaggle of hedge funds and banks led by Och Ziff and Lloyds Banking Group, are gearing up for a sale of Sitex Orbis, a vacant property security firm.

The four creditors took ownership of Orbis in 2008, but have now hired accountant Ernst & Young to conduct a strategic review of the business, which could be worth £50m.

Several parties are understood to have already made an approach for the firm. The other owners are French bank CIC and hedge fund Trafalgar.