Last month, it was revealed that Flood's character Josh Ashworth had been axed from the teen drama along with two other members of his screen family.
The decision to write Flood out came following the arrival of new producer Paul Marquess, who is currently steering a major revamp of the Channel 4 soap.
Speaking to the Blackpool Gazette, Flood commented: "I'm not leaving for the next few months. I spoke to the producer and we came to a mutual agreement.
"I will be very sad to leave and I've loved working with everyone. I've made so many friends over the last five years but it'll be nice to move on to pastures new and an exciting time."
Marquess recently culled a further 11 Hollyoaks cast members. He yesterday pledged to fill the gaps with "fantastic new characters" and confirmed that a new family will arrive in the summer.