Hunter pulls plug on bid for Flying Brands

Sir Tom Hunter has abandoned plans to take over Flying Brands, which delivers flowers and gardening paraphernalia by post.

The decision not to proceed after four months of stalking Flying Brands comes just days after it emerged the Scottish entrepreneur had sold his villa at Cap Ferrat in the south of France as he continues negotiations for the refinancing of his Wyevale Garden Centres and Crest Nicholson building companies.

Flying Brands shares jumped as high as 71p after news of Hunter's takeover approach valuing the company then at about £18 million. Since then the stock has dived after a profit warning. Hunter has 29.9% of the company.