INVESTORS planning to buy Dyno-Rod have postponed a stock market flotation of the business.

The investors, who are buying Dyno-Rod from founder Jim Zockoll, 74, delayed yesterday's proposed Alternative Investment Market (Aim) listing after failing to reach a deal with Mr Zockoll over his reported £60m asking price for the company.

They had planned to raise £47.5m towards the purchase with a public offering.

Stockbroker Seymour Pierce, which is managing the deal for the investors, said they were still talking to Mr Zockoll in the hope of reaching an agreement in the next couple of days.

Jonathan Pierce, Seymour Pierce director, said: "We are a short way away from each other on price, but it can still happen."

The former pilot, who owns 85 per cent of the company, would retain a stake of about ten per cent in the business following the flotation.

He has seen the business grow from a single operation to a nationwide company since founding it as a plumbing firm in Wimbledon in 1963, during his spare time while working as a pilot for Pan Am.