One of only three Harris Tweed mills in Scotland is expected to be sold this month, sparking upbeat hopes of saving jobs and a revival for the business.
A new investor has expressed serious interest in taking over the Carloway mill in the Western Isles.
Negotiations are at an advanced stage with outline details of the proposed deal expected to be revealed within days.
Seventeen people are presently employed at the mill on the west coast of Lewis which is reduced to working a three-day week.
Around a similar number of self-employed islanders who weave the icon fabric on looms at their home also depend on the mill.
Shareholders are being asked to approve the proposals in order to finalise an agreement.
It is understood the incoming investor is not the former City financier who was recently rumoured to be interested in the enterprise.
A different – so far unnamed – white knight has put forward an investment proposal to take over the textile manufacturing plant.
Annie Macdonald, operations manager at the Carloway Mill last night was tightlipped about development.
Ms Macdonald hopes a deal will go-ahead but “it is still awaiting confirmation.”
She added: “We are hopeful this signals a positive future for the Carloway Mill.”
The Carloway Mill is the smallest of three producers in the industry.
In 2013, the mill announced a joint venture with one of the world’s largest textile companies, the Shandong Ruyi Technological Group of China.
The Chinese firm is a shareholder in the mill.
This time last year the financially troubled business was considering calling administrators and the mill was marketed for sale for a “modest price” in a final attempt to save jobs.
In January 2016, company boss Derek Reid said the business the mill just needed £200,000 to £250,000 to keep afloat.
This would provide sufficient working capital to survive and “allow time to address the issues to get long term investment in the mill.”