Property business Amicrest (AMI:PLUS), which has been the focus of much shareholder discontent, has failed to sell its Tib Street property in Manchester. At the recent AGM, chairman Gerry Lee said the sale was due to complete by the end of September. He then said it would happen at the end of October. Now we are told the sale is off.

Amicrest has long been the focus on rebel shareholders demanding the 0.6-acre Tib Street site be disposed of. Led by private investor David MacMullen the rebels had fiercely opposed earlier plans to develop the site into an eight-story office block believing that the development strategy was too risky. MacMullen, says: ‘I will be sending out a note to the rest of the shareholders to decide what to do next.’