Tea bags, be they round or square, may initially float when dropped into boiling water but soon sink to the bottom of the teapot. Perhaps it was philosophical resonance's from the laws of physics as per the tea bag/density/boiling water formula which prompted the Tetley tea folk this week to pour cold water on the company's proposed £400 million stock market flotation. The company took the flotation off the boil, saying that the board has decided to explore "other opportunities" and raising conjecture that it may have found a potential private buyer.

Tetley, once part of Allied Domecq, gained its independence three years ago in a management buy-out for £190 million. The company has since produced a strong brew of profitability, operating profits rising from £111 million to more than £400 million. Tata Tetley, its joint venture partner in India is now being talked about as a possible bidder as is Gary Weston's Associated British Foods.