Sir Tom Hunter has lambasted the management of Flying Brands and said he will take a more active role in the future of the home shopping group following yesterday’s profits warning.

The Scottish billionaire, who owns investment vehicle West Coast Capital and has a 29.9 per cent stake in Flying Brands, slammed the management for their inaccurate forecasts.

Yesterday, Jersey-based Flying Brands said its full-year profit expectations would be£1.4 million, £500,000 below expectations.

A West Coast Capital spokesman told The Independent: “As late as last week, we were told categorically by the management team the business was on target to meet its profits forecasts of£1.9m only to find today it is not – being out by£500,000 is not great forecasting.”

He added: “Last year we attempted to acquire this business citing its need to significantly restructure; today we see why.”

West Coast Capital walked away from takeover talks in November. It is understood that West Coast Capital will discuss restructuring options with management including reducing supply chain costs.

However, Hunter could call for an extraordinary general meeting for shareholders to vote on whether to remove some or all of the board of Flying Brands.

The West Coast Capital spokesman said: “We will not now stand back and see the value in this business further eroded for us and all other shareholders.”