The board of Somerfield, the UK's fifth-largest supermarket chain, has agreed to a £1.1bn (€1.6bn) takeover bid from a group led by buy-out giant Apax Partners. The offer, equal to 197p per share, is subject to the consortium securing financing.

The Apax-led group includes property tycoon Robert Tchenguiz and Barclays Capital, the investment bank.