Resolution calls off bids plan in rocky markets

The financial entrepreneur Clive Cowdery has called time on the takeover tactics set in place at his insurance vehicle Resolution.

Mr Cowdery's second venture, given the same name as his first, has not gone entirely to plan. Deals have been harder to come by than he expected and returns have been lower than he sought.

It has also scrapped plans for stock market flotations of separate businesses including Friends Life.

Mr Cowdery partly blamed rocky markets for the company's change in approach yesterday as it announced a halving of pre-tax profits to £137m for the half year.