Next pulls out of the running for Arcadia's Topshop

Next has dropped out of the running to bid for Arcadia’s Topshop over price.

The retailer said in a statement on Friday: "Next plc announces that it has withdrawn from the process to acquire any, or all, of the Arcadia Group from the administrator, as our consortium has been unable to meet the price expectations of the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 also confirmed that it had been bidding as part of a joint venture with US investment firm Davidson Kempner.

According to Sky News, Chinese online fashion retailer Shein could be in line to buy Topshop for more than £300m.

Arcadia collapsed into administration at the end of last year, putting 13,000 jobs at risk. A separate process is being run for Arcadia's other brands, Burton and Dorothy Perkins.