Pyaterochka, Russia’s biggest grocery retailer is to launch a £312m flotation on the London stock exchange today.

David Noble, Pyaterochka’s chairman and a former Somerfield director said that the flotation would raise monies for continued growth and future acquisitions.

Pyaterochka currently operates 235 company-owned stores in and around Moscow and St. Petersburg and 207 franchised stores in the outward-lying regions.