Baugur has today upped its stake in Big Food Group to 20.01% from 19.35%.

Just before Christmas the Icelandic group took a stake in Somerfield and also then increased its share in BFG.

At that time, a spokesman said that the group’s strategy was to make long-term investments in the UK, not just play the market. He said Baugur was looking to acquire more Somerfield and BFG shares if prices remained favourable, and was "watching the UK retail scene in general".

Meanwhile, global investment managers Amvescap has bought a 15% share in Somerfield.