The management at New Covent Garden Soup maker S Daniels is understood to be putting together a £25m bid to go private after a blasting on the Stock Exchange. Last month Daniels was exploring "other ways of raising cash" outside the stock market after a downturn in sales to foodservice and catering dented first half earnings. Shares plummeted to new lows of 15p. MD John Sexton is said to have secured funding to submit an offer of "at least 20p a share" in the next few weeks. Executive chairman Cyril Freedman said the firm had received no formal bids. Daniels was under offer for several months last year. Industry sources say trade interest is likely as Daniels' margins are very good. {{NEWS }}