Media reports suggest private investment firm is ready to rescue housebuilder

Texas Pacific Group is poised to mount a rescue bid for housebuilder Taylor Wimpey, according to media reports.

It is thought to be one of dozens of firms to have kept a watching brief on the sector in recent months, including Middle Eastern sovereign wealth funds.

The buyout firm, which is working to secure a £179m deal to bail out mortgage lender Bradford & Bingley, would reportedly "love" to invest in the company, which has £1.7bn of debts.

The news emerged after Taylor Wimpey announced it had failed to secure £500m of funding from investors.

The private equity giant is also eyeing other potential investment opportunities in the sector, including Barratt.

A source told the Daily Mail: "(TPG) would love to invest in Taylor Wimpey, and is very interested in the housebuilding sector. The whole sector is of interest to TPG."