Canadian billionaire Galen Weston has seen off the challenge from Tom Hunter's West Coast Capital to buy the Selfridges department store chain. The knock-out blow came when Hunter declined to match Weston's £600 million ($960 million) offer for the business, which has a flagship store on London's Oxford Street and two branches in Manchester.

Weston's vehicle, Wittington Capital, already owns the Fortnum & Mason store in London; Brown Thomas in Dublin and the 12-strong Holt Renfrew chain in Canada. Another branch of the Weston family controls the Primark value fashion chain in the UK through its holdings in ABF.

But the door seems to be open to a counterbid, and analysts believe property investor Robert Tchenquiz, with backing from Formula 1 owner Bernie Ecclestone, has not ruled out an attempt to trump Weston's offer.