Next steps out of £300m bidding war for TopShop

Enderby retail giant Next has stepped out of the bidding war for embattled high street chain TopShop in a move which could see it sold to a Chinese operator.

National media is reporting that a consortium including Next US investment firm Davidson Kempnver Capital Management have withdraw from the race to take control of the company, part of the Arcadia Group, which is now expected to be sold to Chinese firm Shein for around £300m.

A Next spokesperson told Sky News: “”Next plc announces that it has withdrawn from the process to acquire any, or all, of the Arcadia Group from the administrator, as our consortium has been unable to meet the price expectations of the vendor.

“Next was bidding as part of a joint venture with Davidson Kempner.

“Next wishes the administrator and future owners well in their endeavours to preserve an important part of the UK retail sector.”

Shein has reportedly made a bid for both TopShop and TopMan.