Belfast Telegraph

Morrisons offloads 10% stake in Fresh Direct online retailer

Morrisons has offloaded its 10% stake in US online food retailer Fresh Direct for £45 million as the company continues to break with the strategy of former boss Dalton Philips.

The firm said the sale, first announced over two years ago, represents a £14 million premium on its investment.

The supermarket acquired the stake in 2011 as it was preparing to launch into the online grocery market under Mr Philips.

However, the firm has since inked a deal with Ocado and has removed Mr Philips, replacing him with David Potts, who is overseeing a successful turnaround of the business. In March, Morrisons also signed a landmark deal with US online giant Amazon to supply fresh food to its customers.

In May, Morrisons said like-for-like sales grew 0.7% in the first quarter of the year, the second consecutive quarter of growth at the grocer after four years of stagnation.