THE closing date for bids to buy Studley Castle has now expired.

The Grade II listed building, which includes 28 acres of Warwickshire countryside, is being sold off as one of the assets of MG Rover's parent company Phoenix Venture Holdings (PVH).

Although no reserve price was set, a spokeswoman for estate brokers CB Richard Ellis Hamptons International said: "Phoenix themselves were banding about figures of £5-10 million."

Sealed bids had to be handed in by June 15 but the spokeman would not be drawn on how many bids had been received or when a final decision would be made.

Sir Francis Holyoak built Studley Castle in 1833 in mock-medieval style. In 1903, Francis Evelyn, Countess of Warwick, bought it and turned it into an agricultural college for women. For the last 30 years it has been a thriving 57-bedroom conference and hospitality centre welcoming corporate clients including Cadbury, HSBC and Virgin. It also hosts weddings.

The Castle Road venue's general manager Alan Plummer said: "I have nothing further to add at this point."

But Studley historian Ray Lamb, who has written a book on the castle, fears it could be developed into a bigger hotel with golf course.

"As a conference centre it has been very successful although I don't think it is being used to its full potential at the moment," said Mr Lamb.