A group of local investors, whose identities are not being released, have put in a bid to buy the St. George's Club timeshare complex.

Mr. Richard Kempe, who is acting for receiver Price Waterhouse, said the Bermuda group's offer was among five bids he had received, one of which has since been withdrawn.

"There has been some local interest,'' said Mr. Kempe. "The other three offers are from overseas entities.'' The St. George's Club's principal creditor, Central Guaranty Trust Company (CGTC), of Canada, is no longer involved in the sale.

Faced with serious financial problems of its own, CGTC has been split up by the Canadian authorities.

The company's good loans have been sold to Toronto Dominion bank, while its insolvent business is being handled by the Adelaide Capital Corporation (ACC).

ACC was set up, and is being funded by, the Government-run Canadian Deposit Insurance Corporation to run off CGTC's bad business.

Price Waterhouse and ACC have already interviewed two prospective purchasers of the St. George's Club, including the timeshare owners' Members Advisory Council.

Many timeshare owners, who spent years bickering with former owners York-Hannover, believe their best interests will be served if they own the venture.

Meetings with the remaining interested parties will take place over the next few months and a final decision on which offer to accept is expected before the end of the year, said Mr. Kempe.

Mr. Kempe would not release the names of the overseas parties who have put in bids but said that none were household names on an international scale.

The St. George's Club was put into receivership last year after it ran up debts of $79 million.