Asos emerges as contender in Topshop bidding war following Arcadia breakup

Potential purchase could spell bad news for store staff as retailer operates only online

Asos has emerged as a serious contender in the bidding war for Topshop as a narrowing field of bidders vies for control of one of the high street’s best-known fashion brands.

The brand is part of Sir Philip Green’s fashion empire Arcadia which collapsed into administration last year. It is being auctioned off alongside the group’s other brands which include Dorothy Perkins, Burton and Miss Selfridge.