Final bids come in for firm's gemstone

Final bids for the jewel dubbed the Wrekin Ruby, listed among the assets of collapsed Shropshire firm Wrekin Construction, were being submitted today.

Would-be buyers from all over the world have declared an interest in the stone, known as the Gem of Tanzania, which has been put up for sale by private treaty by Wrekin Group administrator Ernst & Young.

Today is the deadline for bids and evidence of funding to be received by auction house, GVA Grimley, which will then invite the 10 highest bidders to view the ruby before making any revisions on their final applications.

The ruby has been put up for sale in a bid to claw back some of the millions still owed to creditors. The Shifnal firm went into administration in March with the loss of more than 500 jobs.

It was listed among the firm's assets after it was sold to Wrekin in exchange for about £11 million of shares in the company.

Russell Hobson, of GVA Grimley, said there had been a "good response" to the sale but would not confirm how many bids had been received.

"The top 10 bidders will be offered to inspect the ruby and after that they will go and consider their offers.

"Some may decide to pull out, some may consider to up their offer but proof of funding is required at the time of the initial offer," added Mr Hobson.

In the sale details, the gemstone is described as "loose hexagonal crystal rough with co-existent green/black crystal matrix on its sides, opaque reddish purple in colour".

Wrekin owes more than £40 million to more than 1,000 creditors, including a £20 million claim from the company's pension fund.

The gem was sold to Wrekin by the Tamar Group, run by businessman David Unwin, who also became the chairman of Wrekin Construction when he bought the company in 2007.

It was previously listed in the Tamar accounts as having a value of £300,000 before being sold to Wrekin in exchange for the £11 million of shares.

By Business Editor Amy Bould