Scotts Miracle-Gro is actively seeking to exit its UK and Europe business, chairman Jim Hagedorn has told analysts.

The company is aiming to concentrate on improving returns for its shareholders by focusing on its core US lawn and garden business, including the fast-growing legalised cannabis market in the United States.

Following the release of Scotts latest financial results, Hagedorn has been quoted as saying: “We continue to explore strategic options for Europe as we maintain our bias that Europe is not a long term priority for us.”

Reports say negotiations for a possible joint venture with a European partner fell through earlier this year but discussions with strategic and financial buyers resumed at the end of the summer.

Scotts UK business was hit by the closure of the Solus brands, which the company bought after the wholesaler collapsed, but had recovered after “a difficult spring”. Across Europe as a whole, sales fell by 10% and profit before tax by 4%.

Scotts is the principal distributor almost worldwide of Monsanto’s Roundup weedkiller brand, a key source of revenue for the company.

There has been no suggestion that the companys plans have been influenced by Britain's decision to leave the EU.