Sir Ken Morrison has taken a £6m stake in rival Sainsbury's

 
Catherine Neilan
Follow Catherine
Leading UK Supermarkets Compete For Their Share Of The Market In The Run Up To Christmas
Source: Getty

The outspoken former chairman of Morrisons has taken a £6m stake in rival supermarket Sainsbury's​.

Sir Ken Morrison now owns 2.6m share in Sainsbury, while his son William owns 2.1m, giving the pair a combined £11.9m stake.

The man who once told Morrisons' chief executive Dalton Phillips his strategy was "bulls***" has gone further than just implied support. "It's a well-run company," he told The Times.

While neither business has been without its challenges this year, their share price movements have divurged to tell quite a different story from each other: while Sainsbury's share price is up 3.5 per cent year-to-date, Morrisons is down 19.3 per cent over the same period.

Morrisons is being demoted from the FTSE 100 today, after 15 years in the top index.

Conversely, Sainsbury's has outperformed the rest of the Big Four in most recent trading, growing market share while Asda, Tesco and Morrisons have all experienced declines.