The potential new owners of Somerfield are set to “throw a lot more money” at the business, according to reports.
Robert Tchenguiz, leader of the consortium taking over the business, told the Sunday Telegraph he was looking to improve the chain.
Together with private equity group Apax Partners and investment bank Barclays Capital, Mr Tchenguiz's bid group is paying £1.1 billion for Somerfield.
The offer was officially accepted by the Somerfield board on Friday and is now going before the shareholders for final approval.
Tchenguiz said the plan was for Somerfield to better compete with market leaders Tesco, Asda, Sainsbury's and Morrisons.
“We have gone into this knowing that the market is very competitive,” he told the paper.
“We are competing with the big boys. We will compete. We are not scared of competition.”
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