A secret plan for a new £6bn supermarket chain was torpedoed by the Competition & Markets Authority’s decision to block the merger between Sainsbury’s and Asda.
Former Asda boss Paul Mason had agreed to buy up to 140 stores, which Sainsbury’s and Asda were expected to sell off to win regulatory approval for their deal.
The plan was backed by the private equity firm Apax Partners and would have created a business with up to £6bn in annual sales.
