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

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