COOROY Mountain Spring Water may be closed down as early as this week.
Efforts to sell the debt-laden company have been hampered by complex receivership arrangements and the health of its founder.
Sheet-metal millionaire Peter Lavin, whose offer to buy the whole company had been accepted by receivers KordaMentha, on Wednesday made a formal offer for just the Wimmer's Cordials portion of the business.
It is understood that the land that contains the spring from which the water flows is tied to a purchase option that does not expire until July 23, and which affords it an unrealistic valuation.
Business founder Greg Dinsey took out a supreme court injunction in late April blocking the sale.
The matter was due to be heard on Monday but has been postponed because lawyers for Mr Dinsey said they could not take instructions because of his health.
Mr Lavin said the saga had gone on long enough.
He has received in-principle acceptance of his offer for Wimmer's and said he would reconsider purchase of Cooroy Mountain Spring Water when its sale was possible.
It would also be dependent on exactly what was left of the business at that stage, he said.
Mr Lavin said he feared for the future of staff at the water bottler.
But the former champion rugby union halfback said he could not treat his attempt to purchase the entire business like a rugby game.
"YOU have to be careful that ego and a will to win don't override business acumen and common sense," he said.
"If they (the receivers) are forced to lay off staff the business is not a going concern."
Mr Lavin originally made the receivers an offer for the whole business, which was accepted.
He met staff and senior management and was confident a smooth transition could be made.
Those plans were derailed when Mr Dinsey placed a caveat over the sale relating to the land on which Cooroy Mountain Spring Water's bottling plant sits.
Mr Dinsey has not been contactable.