Day spurns LK Bennett

THE billionaire owner of Edinburgh Woollen Mill has stepped back from the battle to buy collapsed fashion chain LK Bennett.

Philip Day was reported to be scrambling to lodge a late-stage bid with administrators EY over the weekend, but a spokesman told City AM he had withdrawn from the process last night.

LK Bennett, a High Street favourite of the Duchess of Cambridge which went bust last month, has been owned by private equity firm Phoenix since 2008.

A number of bidders are said to be circling, including Sports Direct boss Mike Ashley, shoe retailer Dune and Chinese fashion entrepreneur Rebecca Feng. Day, EY and LK Bennett were approached for comment.