Issues relating to the leasing of some of Irish Continental Group's (ICG) ships are believed to be one of the items holding up the One51 Capital/Doyle Group consortium's plans to make a bid for the ferry operator.

It is understood that the consortium is frustrated that more progress has not been made on this matter.

The leases are held by a German institution, with AIB also holding an interest in them. The value attaching to the leases is thought to be more than €15 million.

It is understood that the consortium's financial backers, thought to be Bank of Ireland and HBOS, are seeking clarity on the leases from the parties involved. Sources close to ICG played down the importance of the lease issue and said progress was being made towards a bid for the consortium.

The One51/Doyle group had been expected to lodge a bid for ICG early this week, but an offer is not now expected until next week.

A source close to the Philip Lynch-led consortium said the group continues to be "frustrated" in its attempts to make an offer for ICG.

"If the consortium had been given the level of co-operation that is normal in a due diligence process, an offer would have been made a week ago," the source said.

"There have been repeated attempts to frustrate the due diligence process and the process is being frustrated again now."

It is understood that the consortium could consider making a complaint to the Takeover Panel if a breakthrough is not achieved soon.

A management buyout proposal has already been tabled for ICG, led by chief executive Eamonn Rothwell. They have offered €18.50 per share for ICG, an offer that is being backed by AIB. Mr Lynch's consortium will be required to bid a minimum €20.75 a share.

On April 13th, Mr Lynch's consortium was given a period of four weeks to carry out due diligence.

It subsequently claimed that its attempts to conclude the process were being frustrated by the company.