Outdoor and camping products retailer Blacks Leisure has called off its search for a buyer.
Having been in discussions about a takeover since mid-October, the firm released a statement today saying: “With immediate effect, the company will cease to be in an offer period.”
During that time Blacks has spoken to a number of potential suitors, but has been unable to come to a suitable arrangement with any party.
McQueen Limited has been working with the board, advising them throughout the process.
Today’s announcement said: “The board received a number of indicative proposals involving the whole business or parts of it but it is the view of the board that none of these are sufficiently compelling to pursue further in the context of the continued success of the company’s turnaround programme.
“The board has therefore terminated these discussions to allow management to focus all of its efforts on completing the final stage of the turnaround plan.”
Blacks has been working hard to move the business in the right direction after slowing sales in recent years, closing a number of stores and developing a new store opening strategy in the process.
Sales during the 26 weeks to August 28th decreased by 22.6 per cent year-on-year to £90.6 million, although encouragingly for the retailer, new store formats perfomed well in the six-month period.