Change Capital Partners, the private equity firm run by Luc Vandevelde, former chairman of Marks & Spencer, has pulled out of a €1.6bn ($1.95) bid for women's clothing retailer M&S in Holland, which is part of the Vendex retail group.

Change Capital Partners withdrew from the consortium acquiring Vendex after its private equity co-investors Kohlberg Kravis Roberts and AlpInvest, declared the bid unconditional following a 92% acceptance level from Vendex shareholders.