Mr Ecclestone is part of a consortium

Formula One boss Bernie Ecclestone is reportedly plotting a �4 a share counter bid for upmarket retailer Selfridges.

The London based store group agreed a 387p a share offer from Canadian billionaire Galen Weston on Monday, following a fierce bidding war.

The bid values Selfridges at �598m ($962m).

But according to The Times newspaper, Mr Ecclestone and Iranian property tycoon Robert Tchenguiz are lining up an improved offer.

'Fair and reasonable'

The pair are reportedly working with venture capital firm, Aletheia Partners, which confirmed on Monday it was "considering the possibility of making a competing offer" for Selfridges.

Mr Ecclestone, who is thought to be Britain's third richest man, has already pledged to invest about �100m from his family trusts to back Mr Tchenguiz's bid.

The motor racing mogul is understood to be willing to back an improved offer for the department store group, according to The Times.

Meanwhile, Scottish retail entrepreneur Tom Hunter pulled out of the bidding war for Selfridges on Monday.

Mr Hunter's offer was trumped by Mr Weston, who owns the upmarket Dublin store Brown Thomas.

Selfridges chairman Alun Cathcart described Mr Weston's offer as "fair and reasonable".

Main attraction

He said it represented a 60% premium to Selfridges' stock market value five weeks ago.

The Weston offer assumes Selfridges' net debt, estimated to be around �30.1m.

Analysts have said the main attraction for bidders is Selfridges' flagship store on London's Oxford Street, famed for its designer collections.

Despite recent disruption from the closure of the Central Line tube service, the store has an estimated value of �350m.

Selfridges also has two stores in Manchester and plans for a regional roll-out in other cities including Birmingham, Glasgow, Leeds, Bristol and Newcastle.

The group was transformed under former chief executive Vittorio Radice and now stocks designer labels such as Paul Smith and Burberry alongside its more traditional menswear, womenswear and electrical products.