Patisserie Holdings’ administrator KPMG has given bidders until lunchtime today to make their best and final offers for the business.

KPMG, which hopes to raise at least £23m from the sale, is understood to have warned bidders that they will need to move quickly once an offer is accepted.

While Sports Direct tycoon Mike Ashley ruled himself out of the running at the weekend, The Daily Telegraph has suggested that KPMG is bracing itself for a fresh approach today.

At the start of the month, KPMG said it had been “encouraged by the scope of offers received from trade and finance buyers for all and for parts of the business”.

Up to 100 parties were thought to be in the running at that point, with Fulham Shore rumoured understood to have submitted a bid for about a dozen sites, and Costa Coffee also believed to have offered for a group of stores.