Tesco has set a deadline of this Wednesday for initial offers for Dobbies.Sources suggest a successful bid by Wyevale for Dobbies could attract scrutiny from competition regulators and prompt the disposal of a number of stores. Wyevale could split into larger stores, including Dobbies, and smaller centres, which are more difficult to manage.
Several private equity firms are also said to be preparing bids ahead of Wednesday's deadline.
A Wyevale success would see Dobbies Edinburgh head office close. Staff at Dobbies are yet to be told about the sale, sources add.
Estimates have put Dobbies worth at £200m.