Morrison sells off his stake in grocery chain

SIR Ken Morrison, former chairman of Wm Morrison Supermarkets, has sold off his 6.07 per cent share in the grocers to less than one per cent over the last 18 months, the company has revealed. Wm Morrison said that it was notified yesterday of its former chief’s dealings, which have seen him sell over 130m shares since September 2009.

The company said the sell-off was a result of Morrison “retiring as one of the trustees of certain family trusts and other estate and tax planning exercises undertaken by Sir Ken Morrison”. It added that the wider Morrison family still controls nine per cent of its stock. There were reports last night that the supermarket is on the cusp of launching a £1bn share buy-back.