Farfetch is scrambling to strike a rescue deal with a private equity-backed buyer this weekend to stave off administration.
A potential buyer, whose identity is unknown, is in advanced discussions concerning a deal to remove the business from the stock market in a take-private deal with its senior debt holders Tencent and Dragoneer.
Under the deal, Farfetch would receive £394m in emergency funding.
The retailer is aiming to unveil the deal tomorrow, sources have claimed, but cautioned that the discussions could still fall apart.
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The ecommerce giant needs new funding before Christmas to prevent bankruptcy, The Sunday Times reported.
Business management consultant AlixPartners has been lined up as administrators, although itself and Farfetch have declined to comment.
Farfetch CEO and chairman José Neves is expected to stay with the business should the rescue deal complete.
The would-be buyer is not believed to be from the luxury industry and private equity company Apollo Asset Management is reported to have left the process.
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