Sainsbury's boss apologises for 'unfortunate choice of song' after being caught singing 'We're in the money' before Asda merger interview

Mike Coupe says he was recorded in an 'unguarded moment'

Sainsbury’s chief executive has been caught on camera singing, “We’re in the money”, as he prepared to discuss the supermarket chain’s planned merger with Asda.

Mike Coupe made the faux-pas while waiting between television interviews. “Let’s send it, lend it, spend it...” he sang while his microphone remained switched on.

After singing the first line or two in a relatively subdued voice, footage showed Mr Coupe singing more loudly and even bobbing his head from side to side.

He then drank from a Caffe Nero coffee cup.

Sainsbury’s and Walmart-owned Asda have agreed terms for a merger worth some £12bn.

As the UK’s second and third-biggest supermarkets, once unified they would have a combined revenue of £51bn and run 2,800 shops, holding 31.4 per cent market share – more than current leader Tesco.

Mr Coupe has since apologised.

In a statement he said: “This was an unguarded moment trying to compose myself before a TV interview.

“It was an unfortunate choice of song, from the musical 42nd Street which I saw last year and I apologise if I have offended anyone.”

The Competition and Markets Authority is due to begin its investigation of the proposed merger, raising the prospect that Sainsbury’s and Asda will be forced to sell stores if they compete directly in a particular area.

However, Sainsbury’s insisted on Monday that it does not expect to close any shops.

In Britain’s grocery market, discounters have taken market share from traditional chains such as Sainsbury’s and Tesco.

Asda was also fighting to compete with no frills German-based discounters Aldi and Lidl, which offer low prices but more limited choice.