Sports Direct pulls out of Patisserie Valerie bid

Shirebrook-based Sports Direct has withdrawn its offer to buy stricken bakery chain Patisserie Valerie out of administration, according to reports.

The Daily Telegraph says that Mike Ashley, Sports Direct boss, has withdrawn a £15m offer that would have to expanded his High Street empire further.

Chris Wootton, the company’s deputy finance chief, said in a letter to administrators from KPMG that he had “failed to gain access to a data room, any financial information or meetings with management”, and so the bid was off.

Patisserie Valerie slipped into administration last month.

The news comes after Ashley bought House of Fraser out of administration for a knock-down price and struggling retailer Evans Cycles.