Morrisons sells off £45m stake in US firm

The Bradford-based grocer announced it planned to dispose of the business way back in March 2014 but did not specify a time frame.

However Morrisons today said it had completed the sale of its 10 per cent stake in New York-based firm for £45m in cash.

The company said this represented a premium of £14m to the £31m holding value of the equity investment.

The sale was announced by previous chief executive Dalton Phillips who said that the stake was surplus to requirements as it established its own online offering.