Someone asked the question, then the thread disappeared before I had finished my response. Well, I'm not about to throw away my work, so here goes
IF we are to assume that Hitler ever seriously intended to invade Britain, one reason for him to change his mind may very well have been the heavy naval losses the Germans suffered during Operation Weserübung, the invasion of Norway. The Kriegsmarine was never a very large force to begin with in comparison to the Royal Navy, and they lost or damaged almost 50% of their of their ocean-going fighting ships during the operations of April - June 1940.
The heavy cruiser Blücher was sunk in the attack on Oslo. The pocket battleship Lutzow was heavily damaged in the same attack and had to limp back to Germany for extensive repairs, suffering further damage in a torpedo attack along the way. Light cruiser Karlsruhe was torpedoed and sunk off Kristiansand the same day, April 9th. The next day, the cruiser Königsberg was sunk by British carrier-borne Skua dive bombers in the harbor of Bergen, after having received heavy damage from a coastal battery the day before.
While the first naval battle of Narvik, on April 10, did not cause any loss of ships on either side, the second battle three days later, on April 13, decimated the Kriegsmarine. In a spectacular push up Ofotfjorden, the Royal Navy destroyed ten German destroyers, a full half of Hitler's entire destroyer fleet at the time, with no loss of British ships.
The Germans also lost 8 U-boats and 13 transports during the invasion.
The battleship Scharnhorst was heavily damaged while attacking and sinking HMS Glorious and her escorts off the Norwegian coast on June 8th 1940, and in subsequent British bombing raids while anchored in Trondheim. Repairs were not completed until January 1941. Meanwhile, battleship Gneisenau, while attempting to draw attention away from the Scharnhorst limping back to Germany, was torpedoed in the Norwegian Sea and subsequently out of commission for just about as long as her sister ship.
If you're wondering what happened to Bismarck and Tirpitz, the answer is that they were not yet operational. Bismarck was commissioned in August 1940, along with heavy cruiser Prinz Eugen. Tirpitz was commissioned in February 1941.
It would have been a marginal call in the first place for the Kriegsmarine to protect an invasion fleet from the Royal Navy. It would have been nigh impossible after the heavy losses of the spring of 1940. While a surprise attack may have had an initial chance of success, it is unthinkable that the Germans would have had any chance to secure the Channel from the fury of the, mostly intact, Royal Navy for very long. Without a secure connection to the Vaterland in the back, and with some very angry Britons up front, any chances of sustaining an invasion would have been highly unlikely.