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A private equity bid for Clipper Logistics has stalled after Sun Capital said it would not be making an offer for the business.

LSE listed Clipper said in November it had received a preliminary approach from Sun Capital, with a December deadline extended into January “to allow further time for the ongoing discussions to take place”.

The private equity firm has a portfolio that includes brands such as bed retailer Dreams.

In December Clipper reported that Turnover rose 11.7% to £254.6 million for the six-months ending 31 October (H1 2018: £227.9 million) while EBIT grew 13.5% to £12.1 million.

This month has seen Dino Rocos, formerly operations director at John Lewis Partnership, join Clipper as an independent non-executive director.

January has already seen Clipper win a five-year contract to provide a fully-outsourced logistics service to retailer Joules.