Somerfield 'set to take on the big boys'

One of the backers of a £1.1bn (€1.6bn) takeover of Somerfield today pledged to “throw a lot more money” at the chain as it looks to take on bigger rivals.

Robert Tchenguiz, the property tycoon at the helm of a consortium poised to take control of the group, said he was confident Somerfield would be competitive and able to accelerate the turnaround strategy of its current management.