Blacks Leisure owns the Millets chain. Photo: Jim Linwood

Takeover talks with troubled outdoor retailer Blacks Leisure have fallen through.

The company, which owns the Millets and Blacks High Street stores, announced today no acceptable offers were forthcoming for the group, which is fighting back from financial difficulties.

GO Outdoors, Cotswold Outdoors parent company Lion Capital and Mike Ashley, owner of Sport Direct and who already owns a minority stake in Blacks, were all touted as potential bidders for the company.

Blacks opened discussions with unnamed parties in October last year but today a company statement 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.

“The board is not aware of any parties with whom it has had discussions that are considering making an offer for the company at this time.”

Strong December performance, with like-for-like sales up 10 per cent, helped improve the firm’s financial position after a year which saw it close 88 loss-making stores.

Half-yearly losses were reduced from £8.7m to £7.1m. Blacks Leisure shares fell almost 8 per cent today on news of the breakdown of takeover talks.