Rock chairman Paul Kemsley is thought to have upped his stake in Quintain to 7%. Quintain revealed this morning that hedge fund manager Man Financial now owned 7% of the company. Man is thought to be buying the shares for Kemsley.

Quintain’s shares soared to 935p yesterday - its highest level in more than a year – as rumours surrounding Kemsley’s intentions towards the company continued to circulate.

Quintain is now valued at £1.205bn. Its share price also rocketed in December after it emerged that the wealthy property investor, who is also vice-chairman of Tottenham Hotspur Football Club, was quietly building up its stake in the developer using contracts for differences acquired by Man Financial.

Two years ago, Kemsley amassed a large stake in housebuilder Countryside Properties before launching a bid.