Sir Tom Hunter will not bid for Flying Brands

Hunter has dropped his bid for Flying Brands

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Retail billionaire Sir Tom Hunter has dropped his bid to buy multichannel retailer Flying Brands.

Flying Brands confirmed today that it was no longer in talks with Hunter's investment vehicle West Coast Capital regarding a potential takeover.

The retailer said:  "Further to the announcement made by Flying Brands on August 7 2008 regarding a very preliminary approach from West Coast Capital, it has been unable to reach agreement with the Board of Flying Brands on the terms of a recommended bid."