John Lewis weighing stake sale, diluting employee ownership

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John Lewis Partnership Plc is considering selling a minority stake, diluting its employee-owned structure, as the cost-of-living crisis puts pressure on the UK retailer to seek new investment.
The company, which owns the high-end grocery chain Waitrose as well as its eponymous department stores, may explore a change in the company’s mutual structure so it can raise at least £1 billion ($1.2 billion), according to a person familiar with the matter.
Fresh funding would go towards better technology and data analysis, as well as the Waitrose supply chain, the person said.
For more than seven decades, John Lewis has been owned by its employees or partners, now amounting to about 80,000 people. Selling a minority stake would require a change to the business’s constitution, which would be voted on by the company’s partnership council, a group of about 60 staff.
The plan is being overseen by Chairman Sharon White, who took the helm in 2020 and has led an overhaul at John Lewis including closing stores, cutting staff and selling assets.
The Sunday Times first reported the information.
“We’ve always said we would seek partnerships to help fund our transformation and exciting growth plans,” a spokesperson for John Lewis said in an emailed statement.
“Our partners, who own the business, will be the first to hear about any developments.”