The Sainsbury family has dismissed rumours of a bid for the struggling retail chain and backed chief executive Jusin King.
Jessica Sainsbury, daughter of Sir Timothy Sainsbury who with his wife owns six per cent of the group, denied media reports the family had given King six months to turn the company around.
In a report on Bloomberg, she said: “All this speculation is silly given [King] has just presented his strategy.”
Meanwhile, shares in the retailer jumped three per cent yesterday following rumours that a bid by former Asda boss Allan Leighton was imminent.
