Nick Candy, the property tycoon who was recently involved in the the Partygate scandal and a bid to buy Chelsea FC, has abandoned his plans to buy Manchester-headquartered THG.
The move comes after it was first revealed that Candy Ventures was considering a £1.4bn move for the online retail and software giant last month. However, in a statement issued to the London Stock Exchange, it has been confirmed that Mr Candy, who is married to former Neighbours star Holly Valance, will not be making a formal offer.
The move comes after two investment companies behind a separate £2.07bn takeover bid for THG also pulled out earlier this morning. Under the London Stock Exchange's rules, the business had to state by June 16 whether an offer will be made or not.
