Canadian billionaire Mr Galen Weston's path to landing store group Selfridges appeared clear yesterday after a potential rival pulled out of the running.

Property businessman Mr Robert Tchenguiz, who had been given until yesterday to confirm his intentions, will not table a takeover offer for the group.

Mr Tchenguiz said the decision by his company, Aletheia Partners, and its consortium of investors had been made "in light of the continuing uncertainty regarding the general retail trading environment".

That means Mr Weston's £598 million sterling (€867.5 million) offer for the department store group is the only firm bid on the table. Shareholders have been given until Thursday to accept Mr Weston's offer of 387p a share, announced on May 12th.

In a brief statement, Aletheia said: "We wish Selfridges and its employees every success under Galen Weston's stewardship."

Mr Weston, who owns Dublin's landmark Brown Thomas store as well as retail chains in Canada, is now poised to pick up the group's flagship Oxford Street store as well as two outlets in Manchester.

Selfridges is opening a shop in Birmingham and has plans for others in cities including Glasgow, Bristol and Newcastle as it seeks eight UK stores.

Selfridges has experienced a renaissance in its fortunes under former chief executive Mr Vittorio Radice since its demerger from the Sears retail empire.

Selfridges is one of a number of famous high-street names, including Debenhams, House of Fraser and Hamleys, to have received takeover approaches in recent weeks. - (PA)