The planned £2 billion sale of Somerfield could be dropped after only one bid was tabled by the deadline at the end of last week.

Only the Co-op is understood to have tabled a full proposal for the business ahead of the March 14 cut-off date, according to reports.

Asda is yet to make an offer for the retailer, despite sounding out Somerfield’s owners about a deal last year, which is believed to have sparked the sale process.

One source told The Times that Somerfield is a “little bit uncertain” about Asda’s intentions. “If they don’t get the price they want, they will hold on,” the source added.

Asda chief executive Andy Bond refused to comment.

Speculation has risen that the sale could be thrown off course given the credit crunch and the£2 billion price sought by Somerfield’s owners, which includes private equity group Apax.

An Apax-led consortium bought Somerfield in 2005 for£1.1 billion. It is part owned by property tycoon Robert Tchenguiz.

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