MORRISONS has sold its ten per cent stake in a US food retailing business it bought when planning the launch online grocery deliveries.
The Bradford-based supermarket said in March 2014 that it intended to dispose of its investment in US online food retailer Fresh Direct at an appropriate time.
Morrisons has completed the sale for £45 million in cash - £14 million more than it paid for the stake in 2011.
The investment in Fresh Direct was instigated by Morrisons's former chief executive Dalton Philips and senior staff were seconded to New York for a year to learn more about the company which serves 600,000 customers in New York, New Jersey and Connecticut.
Dalton Philips joined the FreshDirect board and said the link would help to develop the UK's fourth-largest supermarket's online operations.
He said: "I have seen retailers all over the world. Few have inspired me as much as the team at FreshDirect, a highly-successful and profitable food retailer with a track record of terrific customer service.
"What we learn from FreshDirect will be invaluable as we plan our own profitable e-commerce business for the UK."
Morrisons launched its online grocery service in 2014 following a £25 million deal with internet retailer Ocado to use its technology .
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