SCOTLAND'S richest man Sir Tom Hunter has abandoned his attempted takeover of wilting home shopping business Flying Brands because the asking price - according to a source familiar with the retail and property magnate - was "simply ridiculous".

The source refuted the suggestion that Hunter had pulled out from the talks because the Ayrshire entrepreneur and philanthropist was having trouble raising the cash in the credit crunch, as bank lending terms grow increasingly onerous amid the deteriorating global financial situation.

"Tom could have written a personal cheque if he felt like it," the source said.

"The issue is that the price they were asking was simply ridiculous."

Hunter's estimated £1.05bn fortune saw him remain top Scot on the Sunday Times Rich List last year.

Meanwhile, Flying Brands yesterday also confirmed that talks had come to an end and has announced that the company is no longer in an offer period.

The company, in a regulatory statement to the London Stock Exchange, said: "The board confirms that it is no longer in talks with West Coast Capital or any other party regarding an offer for the firm. Accordingly Flying Brands is no longer in an offer period for the purposes of the takeover Code."

However, West Coast Capital, the private equity company fronted by Hunter that also owns Wyevale Garden Centres and Blooms of Bressingham, yesterday said it reserved the right to renew its offer within the next six months.

West Coast yesterday said in a statement that it had been unable to reach an agreement with the company's board in terms of a recommended bid.

Both the Hunter camp and Tim Trotter, the chairman of Jersey-based Flying Brands, declined to reveal how much was being sought.

"I just can't tell you," Trotter said in a telephone interview with The Herald yesterday.

"We have a good working relationship with Tom Hunter - they have a representative on the board - and I suppose if they want to come back, it's up to them."

An industry observer, who asked not to be named, yesterday said Flying Brands' asking price was "north of £1 per share".

Hunter acquired his 29.9% stake in Flying Brands, whose businesses include Flying Flowers, mail order plant operation Gardening Direct and cards company Greetings Direct, at 312.5p a share in November 2006 - but its value has since withered substantially.

Shares in Flying Brands yesterday sank a further 11% to 32.5p, plunging towards its 52-week low of 30p, and valuing the company at less than £8.5m.

West Coast Capital approached Flying Brands in August after it announced a £1.5m drop in pre-tax profits.

In last month's interim management statement, Flying Brands' net debt stood at £4.8m, flower sales were down £100,000 and sales in its gardening division were down £600,000.

Hunter has experienced difficulties with a number of his investments in the last few months.

He has an 8% stake in retirement home builder McCarthy & Stone and acquired Crest Nicholson as part of a consortium that included HBOS for more than £700m.

"Tom has now effectively written off Crest Nicolson and he's written down McCarthy & Stone. But the fact of the matter is that he has no need to sell," the source said.

Asked about Hunter's retail portfolio, which includes Office, the upmarket shoe shop chain, branded fashion chain USC and an 11.1% stake in department store chain House of Fraser, the source added: "Office and House of Fraser are performing very well. They just seem to have the right stock at the right time. USC is battling it out."

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