British retail mogul Philip Day has withdrawn from the race to acquire UK fashion and accessories brand LK Bennett after it fell into administration in March.
The British billionaire and owner of the Edinburgh Woollen Mill Group (EWM) reportedly submitted a last-minute bid for the retailer with administrators at EY on March 25, just hours before the bidding deadline.
However, a spokesperson for Day said: “We have now withdrawn our interest from LK Bennett. Our interest was always limited, and we did not want to involve ourselves in a bidding war. As a result, we thought it best to remove ourselves from the process.”
Day has made much of his fortune buying struggling companies and turning them back to profit, including EWM, Jane Norman, Peacocks and Austin Reed. Most recently, the British businessman bought British fashion brand Jaeger in 2017.
LK Bennett’s administrator EY is expected to announce the bidding results in the next few days.
Photo credit: LK Bennett, Facebook