The family that founded UK supermarket operator J Sainsbury PLC was this weekend the subject of speculation that it was about to sell off some of its 35% stake in the company.

According to a report in yesterday’s Mail on Sunday, the blind trust that controls the stake on behalf of Sainsbury family members was considering selling some of its holding as the lawyers in charge of the trust, Judith Portrait, believed Lord Sainsbury would be better off investing some of his holding elsewhere.

However, the company said Portrait had written it “a letter of support” which did not indicate the trust was considering selling any shares.