Finsbury Foods’ shares have taken a tumble after the firm announced that preliminary discussions regarding the sale of the company had ended.

The bread and cake manufacturer’s shares shot up by around 5% following the announcement on 1 June that there had been a preliminary approach regarding a potential offer for the company. At that time, it said the approach was “exploratory in nature” and that it was doubtful an offer would be forthcoming.

Its shares are currently down 10.47% following the announcement that “discussions have terminated”.