The collapse of the £837m (€1.2bn) bid for UK high street retailer Woolworths by Apax Partners, the private equity group, has served to underline the risks for buyers and sellers in public-to-private deals.

Apax said its withdrawal was due to its inability to "confirm certain key cash items". The consequence of its announcement was a 28% drop in Woolworths' share price to 39.5p immediately after.