The sale of telecoms group TalkTalk’s B2B business to The Daisy Group for £175m has fallen through.

Shares in TalkTalk fell nine per cent on Friday after a statement issued to the London Stock Exchange confirmed that TalkTalk would continue to manage the division.

The statement did not explain why the decision had been taken.

Daisy is an independent provider of end-to-end technology, communications and cloud solutions with revenues of around £700m and 3,700 employees across the UK.

The deal would have included around 80,000 SoHo, SME and large enterprise clients, and represent less than 20 per cent of TalkTalk's B2B revenues.

TalkTalk's financial results for the year to 31 March 2018 saw the group grow its customer base by 192,000 while statutory revenue fell by 4 per cent to approximately £1.71 billion.