Sainsbury’s has new stake holder Sir Ken Morrison

 Sir Ken Morrison has put his faith in Sainsbury’s
 Sir Ken Morrison has put his faith in Sainsbury’s
PRESS ASSOCIATION

The former chairman of Morrisons has built a £6 million stake in Sainsbury’s — and given Mike Coupe, its chief executive, his public backing.

Sir Ken Morrison owns 2.6 million shares in the rival. His son William owns a further 2.1 million shares, giving the pair a combined £11.9 million stake.

“It is a well run company,” Sir Ken said. Filings suggest that he acquired his stake around April last year when Sainsbury’s shares were trading at around 300p. They closed at 255p on Friday.

The 84-year-old retailer, who holds the honorary post of life president of Morrisons, refused to comment on whether he had built stakes in any other retailers: “I can’t do your homework for you,” he said.

Over 50 years Sir Ken