Entrepreneur Paul Kemsley sold his stake in Quintain Developments to HBOS last night in a move that has prompted speculation of a bid for Quintain

Shares in Quintain leapt 4% to 890p on opening this morning after Kemsley sold his 11.9% stake to Uberior Ventures, the property investment arm of HBOS, taking the company’s stake to 12.4%.

Uberior was part of the consortium led by Icelandic retail investor Baugar, that also included Nick Leslau’s Prestbury, which acquired House of Fraser for £351m in September last year.

It also formed the Alternative Hotel Group, a joint venture with Richard Balfour Lynn’s MWB to take the De Vere hotel group private in a £770m deal.