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Shares in supermarket giant Sainsbury's were up on early trading this morning following the sale of a 14 per cent stake in the retailer.

Investment group Three Delta is thought to be behind the purchase, which saw Sainsbury's shares rise six per cent to 562p on the FTSE by 08:30 BST.

It is reported that some 250 million Sainsbury's shares were sold at 575p each in the deal.

Commentators say that such a sale could put additional pressure on the grocer to return money from its large property portfolio to its shareholders.

Three Delta is owned by Paul Taylor, who has past links with the Iranian-born billionaire Robert Tchenguiz, who already owns a five per cent stake in Sainsbury's and wishes to see the supermarket chain split into two separate retail and property firms.

Mr Taylor previously ran Mr Tchenguiz's Rotch Property Group, which has subsequently been split into property investment firm R20 and the Consensus Business Group.

If Three Delta has indeed snapped up a 14 per cent stake in Sainsbury's, then a collaboration between the investment group and Mr Tchenguiz would give it control of more than 19 per cent of the retailer's stock between them.

Such a move would give them control of more shares that the Sainsbury family, which founded the supermarket group, the Times remarks.

Earlier this month private equity firm CVC abandoned its plans to bid for the retailer after Sainsbury's board reportedly rejected an offer worth £10.1 billion for the group.