Morrisons executive chairman Sir Ken Morrison yesterday ruled out selling a substantial chunk of its £7bn property portfolio. Daily Telegraph. Financial Times

In his last annual general meeting as chairman of the supermarket group before he steps down next January, Morrison said: 'We like to own freehold property. It gives us greater freedom,'

'The majority of our estate is freehold which provides us with a considerable degree of operational flexibility, and we believe that owning our own properties is essential if we are to remain competitive and deliver sustainable growth in the business,' he told shareholders.