The independent directors of ICM Computer Group have given permission to managers to investigate making a buyout proposal.

The board also confirmed another party had made an offer for the data continuity firm.

In a statement on Thursday, ICM said it had authorised a management team including Stephen Wainwright, Craig Fairey, and Anthony Granelli, to look into a buyout.

The firm also announced its half yearly trading update. ICM said it was "extremely confident" in its financial prospects this year. Turnover is expected to be up 28 per cent on the six months to 31 December, 2005, following better national coverage with the opening of two new offices.

Chief executive Stephen Wainwright said: "There is no doubt that the Business Availablity strategy which combines our national business continuity with national managed availability is gaining momentum."

ICM said it would keep shareholders posted on developments and will announce full results in February. ®

• Phoenix flies higher with ICM bid (28 March 2007)
• Phoenix IT confirms talks to buy ICM Computer (19 January 2007)
• ICM Computer refit will hit figures (7 March 2006)
• ICM Computer Group makes ‘healthy gains’ (4 November 1998)
• ICM results better than expected (23 September 1998)