Tomkins, the British engineering group, will turn to the cash-rich sterling market for funding after shelving plans for a euro offering, but still faces a tough struggle in the face of widespread apathy in the marketplace.

After abandoning the €300m to €500m ($266m to $444m) seven-year deal, which was to be lead managed by BNP Paribas, Barclays and Schroder Salomon Smith Barney, the triple-B rated company is now expected to target its domestic UK investor base with a £200m (€320m) 10-year offering through HSBC and UBS Warburg.