Terry Smith, the man behind the UK's largest retail fund, launched a blistering attack against Unilever's management as its bid for GlaxoSmithKline’s healthcare unit appears to have faltered.

Unilever put forward an unsolicited offer of £50bn for the GSK business, but its hopes of a successful acquisition were dashed on 19 January after the consumer goods giant said it wasn't willing to meet the £60bn GSK suggested was a fair value for the unit.