The group looking to buy supermarket chain Sainsbury’s has increased its offer, despite rumours of two private equity firms pulling out of the consortium.

CVC is rumoured to have upped its offer to 582 pence per share, valuing the company at about £10.1bn. A bid of 562 pence per share was rejected by Sainsbury’s last week

It is now reportedly the only consortium member still interested in bidding for the supermarket group after Texas Pacific and Blackstone backed away from the sale.

A fourth company, Kohlberg Kravis Roberts, left the private equity group earlier this month.

But the Sainsbury family, which owns 18% of the company, is said to want at least 600 pence per share.

The consortium has been told by the Takeover Panel that it has until 13 April to make a formal bid.