Flying Brands has agreed a lease on its Retreat Farm property in Jersey, which is its last significant asset.

The group began disposing of its operating business in July this year.

Flying Brand sold its Flying Flowers business to Interflora in May while Jersey Choice acquired the Gardening Direct division of its businesss in July.

The group has now agreed a lease for Retreat Farm, which was valued at £3.3m earlier this year, which runs until June 30, 2014. It is looking at how to maximise the value of the site in the long term.

Flying Brands has also received £625,000, the deferred element of the Gardening Direct deal, and said it has enough cash to pay its trade creditors and is without bank debt.

However, it still owes £750,000 to Palatine Private Equity which it needs to pay back at the end of the year.

It said it is continuing to explore other options for the company.