Potential bidders opt to pick over Blacks’ bones

HOPES are fading of a rescue takeover bid emerging for collapsed outdoor chain Blacks Leisure this week, as sources claim bidders are waiting for the retailer to fall into administration so they can pick up assets on the cheap.

Blacks revealed last week that it had failed to secure cash to fund a turnaround plan and was now inviting offers for the group.

One potential bidder is likely to be Newcastle United FC owner Mike Ashley’s Sports Direct, which is Blacks’ largest shareholder with a 22 per cent stake. Private equity bidders are also said to be running the rule over the distressed group, where investors risk seeing their stakes wiped out.