COUNCILLORS will meet in secret next week to discuss the future of Thamesdown Transport amid rumours of a takeover bid.

The Adver reported last week that an emergency board meeting was planned to decide the future of one of the few remaining local authority-owned bus companies in the country.

Swindon Borough Council, which owns the firm, has declined to comment on claims that national chain Go-Ahead is interested in buying it.

But it now appears that change is definitely afoot as the council has decided to schedule a cabinet meeting at short notice for next Wednesday.

There is only one item on the agenda – an update on issues concerning Thamesdown Transport.

The discussion between senior councillors will be held behind closed doors after the council decided that the information was commercially sensitive. The press and the public will be kept outside.

In a further unusual step, suggesting a level of urgency around the discussions, the emergency cabinet meeting is to be immediately followed by a meeting of the scrutiny committee.

The committee’s job is to take a further detailed look at cabinet decisions before giving them a final stamp of approval.

The scheduling means that in theory, any decision taken by the cabinet on the future of the firm could be fully approved and ready to proceed by the close of business on Wednesday night.

A tough financial climate has led to Thamesdown Transport struggling to make a profit in recent years. In 2014, the firm recorded a loss of nearly £400,000.

In 2015 that figure rose to almost £1.4m although that was due, in part, to a one-off property transfer with the council.

Last year a further loss of £321,000 was recorded and Thamesdown Transport ended the financial year with liabilities of almost £4.5m.

In a move that could be linked to a possible takeover, Companies House records show that last week, Thamesdown Transport settled a debt of an unknown amount with Lloyds Bank.

A financial expert told the Adver that such a move could be an effort to make a business look more attractive ahead of a possible acquisition.

A statement in the council’s 2015/16 accounts reads: “Trading conditions continue to be challenging and, should the organisation face financial difficulties in the future, elected members would state the degree of commitment of the council and the willingness to meet any accumulated losses would be established at that time.”