Brothers bid for superstore

Asda has been linked with a bid for the Somerfield group this week, following on from a £1bn-plus bid by dispensing optician Ian Livingstone and his brother Richard, owners of one half of the David Clulow optical group.

The Livingstone brothers teamed up with Japanese bank Nomura International and had identified a 'top retail executive' to run the operation, according to The Sunday Times. It reported the brothers' London & Regional Properties has investments worth more than £3.5bn. It controls a property empire on the Continent of £1.2bn, with interests in Britain of up to £2bn, including the ownership of the Woolworths stores, Shell petrol stations and the Hilton in London's Park Lane. They recently bought Michael House, the former Marks & Spencer headquarters in London.