'No takeover' at clothing firm

Austin Reed has 47 stores

Clothing retailer Austin Reed, which is based in Thirsk, has said it is no longer in takeover talks.

Despite interest from a number of parties, the company said it had not received an approach which valued the company highly enough.

But, in a statement to the stock exchange, the group did not rule out considering a future offer from Nigel Robertson, the grandson of the store's founder.

Austin Reed shares fell 10% on the announcement.

The group operates 47 Austin Reed stores and 39 concessions in the UK, and 64 Country Casuals stores and 141 concessions.