Hot Group has emerged as the most likely buyer for the listed IT recruitment company Lorien, which announced earlier this month that it had been approached by a potential suitor.

Speculation has linked the highly acquisitive recruiter with the IT firm, which has been undergoing a renaissance in the past year. A report in the Daily Telegraph claimed Hot Group had appointed Collins Stewart as adviser. A spokeswoman for Hot Group could not comment on the claim.

The firm’s recruitment consultancy division’s managing director Chris Herrmannsen last year expressed an interest in buying an IT firm.

Hot Group already has footholds in leisure, educational, financial and legal services and spent £18m on acquisitions last year.

However, there are other potential suitors for Lorien. Spring, the country’s largest IT recruiter, could be interested in using the purchase to acquire market share and has not ruled itself out of the running. Spring bought the UK’s largest privately owned IT recruiter, Best, for £7.5m in June 2003.

Lorien, formed in 1997 and chaired by former NatWest deputy chief executive Bert Morris, confirmed it had received a preliminary approach from an unnamed party.

A spokesman said: “The board of Lorien notes the recent rise in the company’s share price and confirms that it has received a preliminary approach from a party that may or may not lead to an offer being made for the company.”

Shares rose by 17p to 73.5p, taking Lorien’s market capitalisation up to £13.7m.