Compass Group could struggle to sell its SSP travel concession business to a trade buyer, according to a leading investment bank.
Dresdner Kleinwort Wasserstein (DKW) said that a purchasing clause in the deal, which ties the buyer into a five-year contract with Compass-owned supplier Servita, might cause a conflict of interest with two of the reported suitors - Autogrill and Elior.
It added that both groups would be under pressure to justify this to their shareholders.
A Compass spokeswoman said: "If potential buyers don't want to use Compass purchasing... we will entertain bids with or without the purchasing option."
Bids had to be submitted this week.