Baugur has sold its 5.5% stake in Somerfield following the Icelandic retail group's decision to pull out of the consortium bidding for the supermarket chain.

The 5.5% stake has been sold to Robert Tchenguiz, a member of the consortium, for £57m or 190p a share, netting Baugur a £30m profit.

Baugur’s decision to withdraw from the consortium at the weekend has delayed the bidding process by 10 days.

Reports said that last week's discussions to decide whether Baugur should remain in the consortium had caused the delays and any bid would not take place until August.

Analysts had expected the consortium to present a bid by the end of July.