According to industry sources, the UK-based conglomerate, Diageo, expects to complete the sale of its Burger King (BK) fast food chain to the Texas Pacific consortium this month, despite one of the principal BK franchisees in the US, AmeriKing, filing for Chapter 11 bankruptcy protection.

Sources reportedly suggested that Diageo does not expect to extend further the period of exclusive talks with the Texas Pacific group, which lasts until the end of the year, or invite other potential buyers to bid.

News that the troubled sell-off could be back on track was eagerly greeted by the markets, with Diageo's share price rising by 10%. Diageo did not comment on the latest speculation.