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Morrisons sells its 10% stake in online US grocer Fresh Direct

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Morrisons has sold its stake in US grocery delivery service Fresh Direct for $45 million.

According to the Guardian, it is understood that New York-based Fresh Direct has bought back the 10 per cent stake that the Big 4 retailer acquired for about £31 million in 2011.

Morrisons had initially announced in early 2014 that it would relinquish its investment in US online food retailer Fresh Direct at an appropriate time. 

The news comes after the supermarket chain expanded its partnership with online grocer Ocado last week.

It has also signed a deal with Amazon to supply wholesale groceries, further cementing Morrisons’ online presence in the UK. 

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Published on Wednesday 17 August by Elias Jahshan

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