Morrisons sells stake in US online grocer for £45m

Morrisons has completed the sale of its 10% stake in the US online food retailer Fresh Direct for £45m.

The Bradford-headquartered supermarket chain acquired its stake in Fresh Direct for £32m in 2011, in an effort to develop its online food business in the UK.

Launched in 2002, Fresh Direct serves customers in New York, New Jersey and Connecticut.

In March 2014, Morrisons announced that it would dispose of its investment in the US food retailer at an appropriate time.

The £45m sale represents a premium of £14m to the £31m holding value of the equity investment.