The former gardening home shopping retailer has posted financial results for the 26 weeks ending June 29, 2012, rounding off a half year which saw much of the group's operations sold.
The results revealed group losses of £1.1m, the same amount as profit from discountined operations, while loss from continuing operations was £2.2m. The disposal of its gifts division was completed to the tune of £2.4m earlier this year, while online gardening businesses Garden Bird Supplies, Garden Centre Online and Listen2 were sold for £0.8m in the spring.

Shortly after the end of the half-year the sale of Gardening Direct was also completed, followed by the closure of the Growing and Live Despatch business last month.

The only significant asset now remaining to the company is the freehold property at Retreat Farm in Jersey, which was valued earlier this year at £3.3m. Rental of various parts of the farm are providing the company's only income, and negotiations are still underway with Jersey Choice Ltd for the proposed lease of the greenhouses and dispatch centre at the property. Flying Brands bosses have said a lease is expected to be concluded in the near future.

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."

Following the "period of significant change" a number of board members have decided to move on from the brand. Theses include Gerald Voisin and John Henwood, who will leave effective September 30. Finance director Stuart Dootson has also stepped down. He will be replaced by Chris Knott, who is currently the group financial controller.

Chairman Tim Trotter has also announced his intention to step down at the end of the year, once the board has been reconstituted. He thanked the other departing board members.