Gristede's plans second bid for US-based Kings

US food retailer Gristede's intends to table a bid for Marks & Spencer's US business, Kings Super Markets, next month.

Chairman and chief executive John Catsimatidis said that Gristede's will file a company statement with the SEC, and he plans to contact M&S with his bid before or soon afterwards.

Catsimatidis said: 'We have to update our numbers in order to make the bid.' Gristede's previous bid for Kings collapsed in July after troubled markets made raising cash difficult. A reprieve came when rival grocer D'Agostino also failed to produce the cash by November.

Catsimatidis refused to be drawn on a figure, but M&S is understood to be expecting offers of about£100 million.

M&S said there are 'a number' of other interested parties.