Cinven, the European buy-out firm, is working on a takeover bid for the AA, the car breakdown service estimated to be worth up to £1.4bn (€2.095bn) and put up for sale by Centrica, a UK utility company.

Sources close to the deal say it was left off a list of potential private equity groups invited to submit offers in a closed auction run by Cazenove, the UK investment bank and Centrica's brokers and corporate finance advisers.