Mike Ashley's Sports Direct has cancelled a bid for collapsed cafe chain Patisserie Valerie, just two days after making an offer.
The retail billionaire announced his bid for the chain on Friday evening.
Sports Direct offered £15m, but was told by administrator KPMG it would need to offer up to £2m more than this, according to the Financial Times.
Patisserie Valerie collapsed last month. KPMG closed 70 outlets, but kept 121 open in the hope of selling them.
Mr Ashley is thought to be facing several competing bids for Patisserie Valerie, including, according to reports, from Costa, the coffee chain bought by Coca-Cola last year.
The retail tycoon, who also owns English Premier League football club Newcastle United, made his name building budget chain Sports Direct into Britain's biggest sporting goods retailer.
The retail billionaire announced his bid for the chain on Friday evening.
Sports Direct offered £15m, but was told by administrator KPMG it would need to offer up to £2m more than this, according to the Financial Times.
Patisserie Valerie collapsed last month. KPMG closed 70 outlets, but kept 121 open in the hope of selling them.
Mr Ashley is thought to be facing several competing bids for Patisserie Valerie, including, according to reports, from Costa, the coffee chain bought by Coca-Cola last year.
The retail tycoon, who also owns English Premier League football club Newcastle United, made his name building budget chain Sports Direct into Britain's biggest sporting goods retailer.