Next is in front of the pack bidding to buy Topshop out of administration.
The high-street giant, led by Simon (Lord) Wolfson, is bidding for the group in partnership with US hedge fund Davidson Kempner.
It faces competition from Authentic Brands, the US owner of the Barneys department store, which has held talks over a joint bid with JD Sports, and from Mike Ashley’s Frasers Group.
Final bids for Topshop-owner Arcadia are due in today and are expected to be well in excess of £200m.
