A relative of the founder of men's fashion chain Austin Reed on Monday said he was pulling out of the race for the company. Nigel Robertson, a descendant of the firm's founder, had been considering a bid for several weeks but today ruled himself out of the race. The news comes just 24 hours after The Sunday Telegraph reported that Jonathan Rowland, the son of property developer and city financier David Rowland, was preparing a £50 million bid.