Gandon Holdings, the structured finance and treasury which is based in the International Financial Services Centre (IFSC), may be sold. A number of possible bidders are understood to have approached its parent, GE Capital Corporation, in recent weeks about acquiring it.

A spokesman for GE Capital confirmed last night that there had been a number of enquiries. He said it was a very profitable part of GE Capital/Woodchester and made profits of £6.5 million last year.

It is unclear how much the group would fetch, or exactly who would be interested in acquiring it. Some estimates put its value at up to £70 million last night, while others suggested a figure closer to £50 million could be more realistic.

However, sources said last night that possible buyers could include Irish Life & Permanent, Irish Intercontinental Bank or possibly even a management buyout.

Gandon was established in 1988 by former Citicorp executive, Mr Tim Brosnan, with £33 million backing from Irish and British institutions. Different parts of the business were later sold off - to Woodchester - who bought the rate risk management and structured finance operations for £6 million in 1996 - and to financier Mr Dermot Desmond and others.

The current Gandon company was then sold as part of Woodchester Investments who were in turn bought by GE Capital last year for £591 million, the biggest takeover of an Irish public company. GE bought out Credit Lyonnais's controlling 54 per cent stake in Woodchester and then made a mandatory offer to minority shareholders on the same terms. Shareholders were offered 263p per share.

GE Capital has assets of $227 billion (£163 billion) and has 27 financial services businesses operating in 21 countries, including most of western Europe.

Its main business is motor and equipment finance and consumer services such as motor leasing, credit cards and home mortgages.