Flying Brands posts loss and loses directors

Flying Brands results for the 26 weeks ending June 29 show group losses of £1.1m.

The Jersey-based AIM-listed company sold its gifts division for £2.4m earlier this year.

It sold online gardening businesses Garden Bird Supplies, Garden Centre Online and Listen2 for £800,000 in the spring plus Gardening Direct in July and closed its Growing and Live Despatch business in August.

Finance director Stuart Dootson has been replaced by financial controller Chris Knott. Chairman Tim Trotter plans to leave at the end of the year.

Senior non-executive director John Henwood and his independent colleague Gerald Voisin are also both leaving.

Sir Tom Hunter holds a 27 per cent stake after buying 29.9 per cent for £23.6m in 2006.

His only asset is the freehold property at Retreat Farm in Jersey, valued at £3.3m, which it plans to lease to Jersey Choice.

Tim Dunningham’s company bought the assets of the plug bedding retail business for £2.875m this July after the Government ended Low Value Consignment Relief VAT benefits that the Channel Islands held in April.

Chairman Tim Trotter said: "Following the successful completion of the disposal programme the board is now reviewing the future of the company.

"We have had preliminary discussions about bringing other businesses into the company and we expect to have discussions with other parties in the near future."

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