Outdoors specialist Blacks Leisure has ended discussions with potential buyers after no agreement could be reached.

Chief executive Neil Gillis said the retailer took multiple bids through to final offer stage but could not agree on price.

Gillis said: “We didn’t feel the offers represented the true value of the business for our shareholders. Christmas showed how strong a business this is.”

Blacks said it was not aware of any other potential bid interest.Gillis said the process was “a big distraction” and he was eager to continue with its turnaround programme.

The Blacks boss said new stores were a key focus of its revival strategy. It has opened approximately 12 new stores in 9 months and Gillis said it had the capacity to open a similar level in the current year. It is opening a new store in Glasgow next week.

Blacks appointed McQueen to advise on a potential sale in October last year after receiving multiple approaches. Rival retailer Go Outdoors and private equity firm Lloyds Development Capital were among those understoodto be interested in buying Blacks.