PETER Trembling said the search for investment to save Notts County would continue, after a proposed takeover deal collapsed yesterday.

A consortium of local entrepreneurs reacted angrily after the deal failed, insisting the club had missed a 10am deadline to complete the takeover.

Sukhi Ghuman, founder of Notts company Octavian Security, said the group had millions ready to invest immediately, with further cash in the pipeline from investors in Dubai and the Far East.

But Trembling said: "We did meet with them, but we have not been able to agree on a deal.

"They are well-established business people and it will be my pleasure to work with them at some time in the future.

"In the meantime we are carrying on in our search for investment.

"I would like to thank them for their interest."

Ghuman insisted his group was ready to go with a deal.

"We were ready to sign on Saturday, we were ready to sign on Sunday. We had agreed to sign on Monday and then Tuesday," he said.

"We agreed to set a final deadline of today at 10am.

"This morning, we were told that he was not ready to sign.

"I wish Peter and the club the very best, we will continue to support the club through our sponsorship and any guidance.

"But in terms of a takeover – we have had a number of missed deadlines and I can only think that there is a better Plan B. However we have put together a first-class consortium to inject money and run the club strategically. This will now not happen and for that I am disappointed."

Tony Barney, another member of the proposed consortium and founder of the Lifestyle Living Group, was also unhappy.

"We had shaken hands on the deal twice, but we have not been allowed to complete" he said. "As far as we are concerned, that is it.

"We are out now, there can be no going back, I have spent days on this deal.

"I am embarrassed and annoyed. We had put a lot of time and effort into this.

"This club has already seen one group of people come in and fail to fulfil their promises.

"But we were the real deal. We had substantial money to put into the club straight away.

"And I have a flight booked to Dubai tomorrow, where I was going to speak to other investors we have lined up who are ready to put money in.

"We were deadly serious about getting involved with Notts County.

"Without Sven-Goran Eriksson, there is little or no hope in raising the money. He is the main driving factor and an honourable man who has also been let down badly."