Up to 600 jobs could be created at the former Mackie engineering plant in west Belfast, according to Dublin businessman Dr Christopher McCormack, who is leading a consortium of international investors who want to buy the Spring field Road factory.

The group is understood to be prepared to pay up to £10 million sterling (€15.5 million), and wants the receiver to sell it to them directly rather than going ahead with the planned auction of the premises.

Dr McCormack said the group already had what he said were "serious orders" for a new product (reported to be engine blocks) which he hopes can be made at the factory.

He said if the plan went ahead, the group would be looking to employ around 300 people in the initial stages, and to recruit a further 300 over the next three or four years.