Securing Liz Hurley as the face of Monsoon has failed to help the fashion retailer stage a turnaround in fortunes, after full-year figures today revealed a second year of falling profits.

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.

British supermarket group Somerfield unveiled a 63% rise in profits today as it said discussions with potential takeover parties had reached an “advanced stage”.

British supermarket chain Somerfield today said tough competition and food price falls had hit first half like-for-like sales.

Supermarket group Somerfield is to take control of 114 smaller Safeway stores as part of a £260m (€374.4m) deal involving rival Morrisons, it said today.