Mike Ashley cancels bid for Patisserie Valerie

Retail tycoon Mike Ashley has cancelled his bid for cake chain Patisserie Valerie, just two days after his Sports Direct group tabled the £15m bid.

Sports Direct’s bid was said to be £2m short of the sum administrators KPMG were looking for according to reports in the Financial Times. According to the reports, Ashley was competing with the likes of Costa for Patisserie Valerie.

Patisserie Valerie fell into administration just last month closing 70 outlets and keeping 121 open. Some 900 jobs were lost when the cake chain fell into administration following an accounting scandal which left the company without enough money to pay its debts.

Retail mogul, Ashley, has become known for buying up struggling retail brands, acquiring Evans Cycles, House of Fraser and Sofa.com. Ashley also owns Premier League football club, Newcastle United, as well as lingerie retailer Agent Provocateur and fashion label French Connection.