Next drops bid to buy Topshop after Arcadia's breakup

Firm says it couldn’t meet the asking price for flagship of Philip Green’s former fashion empire

Next has pulled out of the race to acquire Topshop, the jewel in the crown of Sir Philip Green’s collapsed fashion empire Arcadia, after rival bidders trumped its offer.

Arcadia, which employed 13,000 people across 500 outlets when it fell into administration last year, is being broken up. Interested parties had been asked to submit bids for the whole company or individual brands at the start of this week.