Paul Davidson, the entrepreneur known as “the Plumber”, has returned to the City with promises to build his latest pipe-fitting business into a world leader.

Mr Davidson owns 42 per cent of the equity in Fluid Leader Group, which reversed into Anca C Fashions, a retailer, on Plus Markets at the end of last year. Shares in Anca were suspended in May last year at 14½p pending a previous plan for a reverse takeover that failed.