UK private equity firm Cinven has pulled out of its planned bid for JJB Sports, the UK sportswear retailer, as the clothing company admitted recent sales were poor.

Shares in JJB fell 19.4% to 197.56 pence at 08.00 GMT after Tom Knight, chief executive, said in a conference call that talks with the bidder had ended. "There was no actual offer forthcoming, that is the whole point," he said.