It was announced last night that Mark Finlayson is withdrawing his bid to purchase the Robin Hood food retail stores.

The deal was cancelled due to "irreconcilable differences"

Mark Finlayson issued a short press statement last night saying that Trans-Island Traders, the family investment group has "terminated" the bid to purchase the Robin Hood food retails stores.

Mark Finlayson said.. "The deal was attractive because it fell in line with what we as Trans-Island envisioned as a part of our re-branding strategy of City Market and expansion efforts of the same."

Many people thought the deal wouldn't go through as it had to be approved by the Investments Board and the Central Bank. The Finlayson team also had several questions after their dudiligence pulled up some things that needed to resolved.

The deal was said to be worth $3-$4 million to Sandy Schaefer where Mark Finlayson was to take over the food business and Sandy Schaefer was to keep the high margin appliance business. It was also said that Mark Finlayson was to rent the retail space from Sandy Schaefer so Sandy Schaefer would then be the landlord.

Robin Hood has seen its income drop 80% and a loss of over several million dollars due to its late opening of its Prince Charles Drive location, which should have opened before Christmas and also the heavy road works outside its store.

Mr Schaefer has dismissed claims that Robin Hood has ran into financial difficulties and forced him to make a deal with Mark Finlayson. It was also reported that Rupert Robert of Supervalue and other food retailers were approached about buying Robin Hood. Mr Khilnani, Mr Schaefer's US partner has been seeking an exit and us unwilling to invest more money as either equity or loans.