The sale of FDM appears closer after the IT recruiter received an improved proposal from the management team with whom it has been in talks over a possible bid.

In June, FDM said it was in discussions about a possible 120p per share cash offer. The company now says it has received an improved proposal of 135p a share.

The management team in discussions with FDM are: Ivan Martin, Rod Flavell, David Templeman, Sheila Flavell and Andy Brown.

In a statement, FDM says: “In light of the revised proposal, Karl Monaghan, sole independent director, has granted the management team, Inflexion and their advisers permission to conduct a full due diligence exercise into the company. While discussions are well progressed, there can be no certainty that an offer will be made.”