A day after CVC's £10.2bn bid for Sainsbury's collapsed, Robert Tchenguiz increased his stake in the supermarket group called for the board to separate its property assets from the retail business. Daily Telegraph. Financial Times

Having increased his stake from 4.67% to 5.07%, Tchenguiz said: 'Sainsbury has £1.6bn of debt and a capital value of £10bn. In anybody’s book this is a bad capital structure.'

It is understood that Sainsbury's is already planning a revaluation of its 750 supermarkets, which could increase the £6.4bn book value of ots property portfolio substantially.

The Sainsbury family, which scuppered the CVC takeover bid and owns nearly 18% of the shares, wants the company to retain ownership of its stores.