The Co-op Group could agree to a £1.5bn-£1.6bn takeover of Somerfield as soon as this week, some £300m less than the grocery chain had been hoping for when it put itself up for sale a year ago.

But a person close to Apax Partners, the private equity group that is a co-owner of Somerfield, cautioned there could be delays in signing a deal: “It’s been really tough getting Somerfield over the line.”