Dubai-based investment agency Istithmar has pulled out of the bidding for UK-based health and fitness chain Esporta because it was reportedly too expensive.

The chain’s owners – Duke Street Capital – launched a formal auction process in mid-September, after receiving several approaches from rival companies. It is estimated to be worth around £460m.

A representative of the Dubai government-owned Istithmar said that the group had been interested in Esporta but withdrew after the bidding became “too pricey”.

According to recent reports, former Asda chair Archie Norman is among the remaining bidders for the chain.

Norman reportedly made a bid via his private equity vehicle Aurigo Management, which he launched earlier this year.

However, analysts back Whitbread – which already owns the David Lloyd leisure chain – to acquire Esporta.

The deadline for initial offers was last week and a reported six parties will now be invited to take part in the second round.

Esporta owns and operates 54 clubs in the UK. Details: www.esporta.com