David Potts acquires £1m worth of Morrisons shares

MORRISONS’ new chief executive David Potts has invested more than £1m in shares in the supermarket group.

Mr Potts, who started work at the Bradford-headquartered group last Monday, bought 508,000 shares at 205.85p each on Thursday, at a total cost of £1.05m.

The share price climbed 2.6p after the news was released on Friday morning – showing an immediate £18,000 paper profit – before falling back in late afternoon.

The previous chief executive Dalton Philips left after a disappointing Christmas ended a difficult 15 months that had seen the share price lose nearly half of its value, dropping to 152.5p.

Last week Morrison reported pre-tax losses of almost £800m for the year to February 1, after it took a £1.27bn property writedown.