The Swiss have a reputation for adeptness in the world of finance and investment, so it is hardly likely that Hans-Peter Zehnder will look back at his investment in Jones Group with any great fondness. Six years, Zehnder's engineering company bought 1.9 million Jones at 275p each now those same shares are worth just 200p.

For that reason, don't be surprised to see Zehnder sell off its 21 per cent stake in Jones, now that it has bought Jones's two radiator businesses in Ireland and Britain for just £1.2 million. When Jones completes its asset disposals, it will be involved in oil and gas distribution and it is difficult to see Zehnder hanging on in that situation.

The price Zehnder has paid for the Runtalrad and Thermal Radiator arms of Jones is a snip £1.2 million for companies which kicked in profits of £656,000 last year and net assets of £2.7 million. Zehnder is simply buying the businesses, leaving Jones with things like debtors and creditors.

The fact that Jones is taking a £1.5 million loss on the sale of the businesses is indication enough of who got the best of this particular deal.

Zehnder will recoup all of what it is paying for Runtalrad and Thermal Radiator from the distribution of Jones's net cash next month.