It said: 'We believe that the members of the consortium provide considerable operational and financial skills together with substantial experience in the sector. [It] is well placed to put forward a proposal which we believe the board of Somerfield will find attractive both in terms of value and deliverability, following, inter alia, completion of a due diligence exercise.'
Analyst Seymour Pierce notes that although the creation of the consortium may have reduced the number of potentially interested parties circling the retailer, there are still a number of remaining possible bidders.
Seymour Pierce Analyst Rhys Williams said: 'So two of the potential bidders in Tchenguiz and Baugur have joined forces. This is probably due to lacking the ability to fund the deal on their own and also eliminates a potential competitor. Whilst this spooked the market initially, with the Livingstone Brothers and possibly also Topland still in the fight, there is a good chance we will have an auction.'