Wilkinson has withdrawn its interest in bidding for hardware retailer Robert Dyas, it is understood.

The Evening Standard reported that the general merchandise chain has pulled out of the running for the 100-store chain which is estimated to have a £15m price tag.

Lloyds Banking Group has put its 40% stake up for sale via advisers Cavendish Corporate Finance.

Former Robert Dyas chief excutive Brent Wilkinson and former chairmand Roger Pedder – working with NBGI Private Equity – are understood to have submitted a bit that was lower than Lloyds had asked.  

Robert Dyas owes Lloyds and fellow stakeholder Allied Irish Bank a combined £15 million which means a buyer is likely to pay just a small amount for Robert Dyas’ equity.

Last month it was understood three bidders remained in the running to buy the hardware retailer after five parties initially expressed an interest.

Separately, Wilkinson chief executive Stuart Mitchell left the retailer last week after almost six year to “pursue other opportunities”. The retailer has begun the search for a new chief executive.

All parties declined to comment.