UK retailers Waitrose and Booths have announced plans to form a buying alliance.

The companies said today (22 September) that the deal would involve "sharing cost prices and deal structures for branded food purchased by both supermarkets on a selected range of products".

The agreement could also help Waitrose and Booths benefit from greater economies of scale, they added.

Waitrose MD Mark Price said: "This buying alliance will benefit customers of both Waitrose and Booths for the long term by ensuring that prices within both shops are highly competitive through greater supply efficiencies."

Booths chairman Edwin Booth added: "We are looking forward to the alliance between Waitrose and Booths enabling us to continue to trade strongly to the benefit of our customers."