Sainsbury’s is increasingly looking like the victor in the major British supermarkets’ war of attrition. Though its latest official results were lukewarm, more recent unofficial figures paint a rosier picture and now the grocer has won the backing of a surprising investor.
Sir Ken Morrison, the de-facto founder and former chairman of Morrisons has built up a £6m stake in the rival business. It’s an unusual move for the entrepreneur, who spent decades turning his father’s dairy shop into Britain’s fourth-largest chain of supermarkets and remains its ‘life president’ – whatever that entails. His son William also owns 2.1 million shares, giving the pair a combined stake worth £11.9m
Sir Ken told The Times that Sainsbury’s 'is a well run company.’ It’s certainly doing better than its major competitors. Despite a rocky year, its share price has crept up by a total of 5.6% since January (including a 1.6% jump this morning, presumably on the news of Sir Ken's investment).