The UK Government's last-ditch attempt to find a buyer for Northern Rock is unlikely to revive interest from previous bidders in the stricken lender, according to bankers close to the sale.

One source close to the process said he did not expect private equity firms JC Flowers and Cerberus, who dropped out of the bidding last year, to return even after the government said today it will guarantee a sale of bonds backed by the bank's home loans.