Mike Ashley's Sports Direct makes bid for Patisserie Valerie

Sports Direct has confirmed it has made a bid to purchase the parent company of Patisserie Valerie out of administration.

Mike Ashley's company gave no details of the offer made for the trade and assets of Patisserie Holdings.

Administrator KPMG last week reported that a number of offers for the business had been received.

The chain fell into administration last month after rescue talks with banks failed, resulting in the closure of 71 stores and 920 redundancies.

Patisserie Holdings' collapse followed the discovery of "significant, and potentially fraudulent, accounting irregularities" in October 2018.

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Patisserie Holdings confirms closure of 71 stores with loss of 920 jobs >>