Former Granada boss Gerry Robinson today abandoned his three-month campaign to take charge of pest control-to-hygiene firm Rentokil Initial.

The London market suffered a sharp reversal of fortunes today to lose hold of lunchtime gains and close deeply in the red.

Banking group Lloyds TSB was one of the best top flight performers for a second consecutive session today as bid talk continued.

The problems at Rentokil Initial were laid bare today as its new boss outlined ways to reverse the latest fall in profits at the services company.