Stewart McColl, the founder of SMC, remains in the frame to take control of the firm despite the collapse of takeover talks last week, which have left the troubled group in limbo. Shares in SMC plunged more than 10% after it announced that talks with a private equity group fronted by McColl had terminated. The parties failed to agree a price during preliminary discussions last week. The breakdown came a week after the collapse of merger talks with quoted rival Aukett Fitzroy Robinson. Under City rules, McCoil's group can make a fresh takeover approach for SMC at any time, since no formal bid was tabled. A City insider said: "The way the share price is going, there will come a point at which McColl's value to the company will become quite persuasive."
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