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Sports Direct £15m bid for Patisserie Valerie rejected

Sports Direct has withdrawn its £15m bid for ailing cafe chain, Patisserie Valerie, having announced the bid on Friday evening.

Sports Direct was told by administrator KPMG it would need to up its offer by £2m more, according to the Financial Times.

Sports Direct's owner, Mike Ashley is thought to be facing several competing bids for chain, including, according to reports, from coffee shop group, Costa.

KPMG closed 70 Patisserie Valerie cafes last month after it fell into administration, leaving 121 sites remaining, with the aim to sell them.