Yates is not desperate to make additions and, although the club have been linked with him in the press, Kidderminster midfielder McPhee is not a player on the Robins` radar.
"We have enquired about a couple of players and we are waiting on answers for them but I`m not overly fussed because I have a decent group of players on the bench waiting for their chance," he told Town`s official website.
"I will only bring in players if they improve this team because there is no point in wasting money.
"I`m not sure where the story about Chris McPhee came from but nothing will be happening there. I spoke to Chris a few months ago but he just wanted to mention he was on the transfer list.
"He almost went to Hereford a few weeks ago apparently but I was more surprised than most to read we were about to sign him."
Source: PA
Source: PA