Private equity firm 3i Group has pulled out of the running to buy London’s largest estate agent, Foxtons, which has been put up for sale for £400m. The Times.

Two shortlisted bidders remain in the race, one of which is rival private equity firm BC Partners. Final bids are due next week.

Meanwhile, 3i is also understood to have decided against rebidding for Countrywide, which has agreed to be bought by Apollo.