The billionaire brothers buying Asda have made a surprise bid for Topshop.

Petrol forecourt tycoons Mohsin and Zuber Issa are up against contenders including online fashion giant ASOS in the race to snap up the high street chain, part of Philip Green’s failed Arcadia empire.

It is believed that one option for them could be to operate the fashion brand in Asda stores alongside the supermarket’s own George label.

The bid is understood to have come through private equity firm TDR Capital rather than the Issa brothers’ EG Group.

Sir Philip Green's Arcadia empire has failed

The brothers from Blackburn, Lancs, emerged as late contenders for Topshop, joining other suitors including Boohoo, American group Authentic Brands, and Chinese fast-fashion giant Shein.

It came after they, along with TDR Capital, had their £6.8billion offer for Asda accepted in October last year. A spokesman for the brothers declined to comment.

Insiders said the Issas have a track record of building successful businesses.

The future of Arcadia's 444 stores is in doubt

While there is plenty of interest in Arcadia, hopes are fading of saving the jobs of most of the 13,000 staff who were employed by the fashion group before it went into administration at the end of November last year.

Sources say ASOS is interested in the Topshop, Topman and Miss Selfridge high street brands as well as certain other assets.

However, the future of Arcadia’s 444 stores is in doubt.

ASOS also declined to comment.

High street rival Next pulled out of the running for Arcadia last week.

Administrators Deloitte are moving quickly to finalise a sale ahead of a deadline this week to publish a key report that will shine a light on Arcadia’s financial problems.