Best Price Foods, the new retail venture from Baugur founder Jon Asgeir Johannesson, has moved a step closer to opening after the business registered a logo design at the trademark office.

The bright yellow branding was filed last month to cover a full range of grocery lines, as well as non-food items including electrical equipment, books, plants and clothing. Customer loyalty schemes are also included in the registration, which specifies that it is for a supermarket, general merchandiser or website.

Johannesson is yet to announce the location of the first store, but one source told The Grocer a site in Erith, in Dartford, was being eyed. He is understood to be planning to replicate the model of the Icelandic disccount chain Bonus Foods, which his father set up in 1989.

The new business was originally registered in he UK as Bonus Foods but the name was changed at Companies House in January to Best Price Foods. "Jon wants to get back into the fray and has been overseas to raise money," said a source. "He is looking for a small business to buy or will start from scratch. With so many shops empty, Jon could say that he wants any number of shops in specific types of locations, at a certain price, and they would be available."