Christopher Burnett is to step down as chairman of chocolatier Thorntons, after his plans to take the business private via an £87 million management buyout were scrapped on the grounds of price. Burnett had initially indicated that he was willing to pay up to £125 million for the company.

Christopher Burnett is to step down as chairman of chocolatier Thorntons, after his plans to take the business private via an £87 million management buyout were scrapped on the grounds of price. Burnett had initially indicated that he was willing to pay up to £125 million for the company.

Back in August, when Burnett first expressed an interest in buying Thorntons, an offer price of 185p per share was touted. Following the release of a disappointing Christmas trading update, however, the price was dropped to 130p. Thorntons subsequently terminated negotiations and Burnett has left the company with immediate effect.

‘As a result of our downgrade in profit forecasts they took the opportunity to push down the price. But we feel that significantly undervalues the business’ potential going forward,’ explains Thorntons’ director John Jackson, who has assumed the role of interim chairman.