Troubled supermarket chain Tesco is seeking no less than £5bn for its Korean supermarket business Homeplus, and has told potential buyers not to waste its time with lower offers, The Daily Mail reports.

The sale is part of a wider turnaround plan by Chief Exec Dave Lewis, who is divesting assets to reverse the fortunes of the beleaguered big four grocer following a profit scandal last year. Homeplus has been pitched at 8.5tn Korean Won by Tesco and newly recruited banking advisers HSBC.  

Once the sale goes ahead, the UK‘s biggest grocer should be left with enough to support its finances. Fortunately for Tesco, there has been an abundance in interest.

Bidders include private equity firms Kohlberg Kravis Roberts, CVC Capital Partners, Carlyle, Korean investment firm MBK Partners and last week, consumer goods business Orion joined the race.

At Tesco‘s annual meeting this week, Lewis will meet shareholders for the first time since the £263m black hole in the accounts was reported.