Private equity firm Electra Partners’ bid to buy bathroom retailer Bathstore is understood to be on the brink of collapse.

Trading at the 160-store retailer is understood to have been poorer than expected, which has led Electra to lower its offer price according to Sky News. It is understood that Bathstore, which is owned by building materials supplier Wolseley, is unlikely to accept the reduced price.

Electra has been in exclusive discussions to buy the specialist retailer in a deal thought to have been worth between £80m to £90m.

Owner Wolseley put the retailer up for sale in November after hiring Catalyst Corporate Finance to handle the process.

Other potential buyers though to have been interested in Bathstore included Change Capital, LDC and Morgan Stanley’s private equity arm.