Mike Ashley pulls out of Patisserie Valerie bid


Retail billionaire Mike Ashley has cancelled his bid for failed café chain Patisserie Valerie, just days after making an offer to administrators, KPMG.

According to the Financial Times, Sports Direct offered £15m to buy the café chain but KPMG have said the offer would need to be £2m higher.

The café chain collapsed in January due to an accounting scandal followed by talks with HSBC and Barclays banks to restructure the business which failed.

According to reports, there are competing bids for Patisserie Valerie from Costa Coffee who were bought out by Coca-Cola in 2018.