Bob the Builder group Hit Entertainment today moved to quash speculation it had received a takeover approach from a Swiss investment firm.

Hit Entertainment parted company with its chief executive today after sealing a “transforming deal” giving greater US television coverage to Bob the Builder.

TV favourite Bob the Builder is joining forces with pop superstar Robbie Williams to raise funds for sick children.

Pingu, the playful penguin character, is to be bought by British children’s entertainment firm Hit in a £15.9m deal, it was announced today.