FLYING Brands has agreed to lease its final remaining significant asset until June 2014.

The former mail order company, which Sir Tom Hunter's West Coast Capital owns a 27% stake in, has sold off most of its divisions this year leaving it with just the Retreat Farm property on Jersey.

The company said it is still working to maximise the value of the site – which has been estimated at £3.3 million.

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It has no bank debt and £625,000 still due from the sale of its Gardening Direct arm, but has to pay £750,000 to Palatine Private Equity at the end of the year.