Today is the first deadline for bids for Dobbies. Wyevale owner Terra Firma is believed to have bid £175m but sources suggest at least one other venture capitalist will bid and further bids could come in during round two.
Sources suggest Wyevale could make its money back through a sale and leaseback of some Dobbies centres.
Wyevale sold and leased back eight freeholds in December 2015 for £91m and has six sold and leased back from LaSalle, which subsequently sold them to Black Rock last year.
Dobbies has three joint sites with Tesco, not as many as widely reported.
Estimates continue to value the £153m turnover Dobbies at over £200m.
Wyevale said it had nothing to add on a bid, although it has expressed interest more than once in the last year in buying Dobbies.