Aletheia Partners, the private equity firm backed by Robert Tchenguiz of Rotch Group, has pulled out of the bidding for Selfridges, leaving the way clear for the £598m (€832m) offer made by Galen Weston, the Canadian billionaire.

The news will buoy Weston, whose bid for the UK retailer lost ground as shareholders waited to see if a rival bid appeared. Wittington, Weston's bid vehicle, saw shareholder acceptances dip from 32.1% of the issue share capital 31.8% over the course of the past week.