 Somerfield |
The consortium taking over supermarket group Somerfield is promising to "throw a lot more money" at improving the chain, a newspaper reports. Consortium leader property tycoon Robert Tchenguiz, made the comments in an interview with the Sunday Telegraph.
Together with private equity group Apax Partners and investment bank Barclays Capital, Mr Tchenguiz's bid group is paying �1.1bn ($1.9bn) for Somerfield.
Their offer was officially accepted by the Somerfield board on Friday.
It is now going before Somerfield shareholders for final approval.
Big ambitions
Mr Tchenguiz told the Sunday Telegraph that the plan was for Somerfield to better compete with market leaders Tesco, Asda, Sainsbury's and Morrisons.
"We have gone into this knowing that the market is very competitive," he said.
"We are competing with the big boys.
"We will compete. We are not scared of competition."
One-Minute World News 
News services
E-mail this to a friend 
Printable version 