The members of the family that founded Morrisons' are reportedly holding discussions with private equity groups to turn the business private while But Sir Ken Morrison, whose father founded the firm, did not know about the negotiations.

It is believed that the younger members of the family were holding talks with buyout groups CVC, Apax Partners and Carlyle. However, Sir Ken Morrison, who has been working for the business ofr more than four decades, did not have knowledge about the discussions. He had stated earlier that he is against taking on too much debt for the group.

"I was quite surprised to see it. They [the family] will all have considered views on the performance of the business. I am honorary president, which means I don't have a vote, I am not consulted and I don't have views. It's not a job that I relish," he said.

In January, the UK retail firm had said that its shares has fallen to its lowest level in a period of seven years after the company said that its sales fell during this crucial Christmas sale season. Morrisons runs a few convenience stores across the UK but does not have any online presence, which is a key platform for Christmas season shopping for the customers. The company now has 85 convenience stores and is planning to take the number to 200 by next financial year.