Citigroup has been appointed to sell convenience store chain Somerfield.

The chain is reported to have offered itself to a number of supermarkets including Asda, Sainsbury’s and Morrisons. Co-operative Group chief executive Peter Marks has said he would consider making a bid for the rival chain.

Somerfield was bought two years ago for£1.8 billion by a consortium of Robert Tchenguiz, Barclays Capital and private equity group Apax. The sellers are thought to be seeking a price of between£2 billion and£2.5 billion for the 900-store chain, which would at least double their£500 million investment.

Shareholders are said to be hoping that the chain is sold as a whole, but bidders are most likely to only want select parts of the company.

For the three weeks to January 5, Somerfield posted like-for-like sales up 6.7 per cent, excluding fuel.

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