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Mike Ashley withdraws Patisserie Valerie bid

Patisserie Valerie is no longer set to join Mike Ashley’s Sports Direct family, after the sportswear group withdrew its bid just two days after making an offer.

Mike Ashley’s group, which also owns House of Fraser, Evans Cycles and Sofa.com, reportedly made a late bid worth more than £15m for the food chain, according to the Guardian.

However, the offer was rejected as too low.

Patisserie Valerie entered administration in January after complexities were discovered with its finances. 71 of the chain’s nearly 200 stores and concessions have been closed.

Sports Direct has been contacted for comment.

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