Permira, the private equity vehicle bidding for WH Smith, is unsure whether to proceed with its delayed bid for the newsagent group. Executives are locked in talks with backers but it remains unclear whether banks will provide finance to close a pensions hole that has dogged the bid. The pension fund trustees are in a strong position because of a deed allowing them to demand the fund is paid off in full in a takeover. Trustees said they would block Permira's offer of 370p a share unless the deficit was given the status of senior debt.