The prospect of a £1bn (€1.5bn) bid for British supermarket Somerfield was kept alive today by the last remaining bidder in the long-running takeover saga.

Telecoms giant Cable & Wireless added to the London market’s recent woes today after reporting a sharp slowdown in sales at its UK retail business.

Bidders circling British supermarket chain Somerfield will learn this week if their £1bn-plus offers have gained boardroom support, it was reported today.