Mike Ashley among bidders vying for LK Bennett

Mike Ashley LK Bennett
// Mike Ashley’s Sports Direct reportedly one of the bidders that have started to circle LK Bennett
// LK Bennett fell into administration earlier this month
// Future of 500 jobs and 39 stores, 37 concessions in its UK market is uncertain

Sports Direct owner Mike Ashley has reportedly put forward an initial offer to buy LK Bennett out of administration.

According to Drapers, several potential buyers have starting circling the embattled fashion retailer, which fell into administration earlier this month.

LK Bennett’s 500 UK employees are at risk of redundancy and the future of its 39 stores and 37 concessions in the UK hangs in the balance as Dan Hurd, Hunter Kelly and Craig Lewis from EY carry out the administration process.

LK Bennett trades from around 200 branded stores globally, and its overseas store estate is not affected by the administration.

LK Bennett and EY have not commented on the prospective buyers.

Retail Gazette has contacted Sports Direct for comment.

The reported offer from Sports Direct is the latest in Ashley’s recent high street shopping spree, which began when he acquired House of Fraser out of administration last summer in a pre-pack deal worth £90 million.

Sports Direct also acquired Evans Cycles out of administration during autumn, and earlier this year it bought Sofa.com for a nominal sum.

Sports Direct also made attempts to buy Patisserie Valerie and HMV out of administration earlier this year, but both were not successful.

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