LONDON, Oct 10 - On Friday Alan Sugar, the millionaire founder of Amstrad computers and host of BBC television’s The Apprentice, confirmed in a statement to the stock exchange he had purchased a 3.88 percent stake in Woolworths, through his Amsprop vehicle. A spokesman for Sugar declined to comment.

Woolworths Group, the British sweets-to-DVDs retailer, said on Friday it has agreed to sell leases on up to nine stores to supermarket giant Tesco for up to £9m ($15.55m).

It said proceeds from the disposals, which are expected to take up to six months, will be used to reduce group borrowings.

Assuming all nine leases are transferred, a profit of about £7m would be generated, Woolworths said.

This will be disclosed as part of operating profit from property transactions, it said.

Shares in Woolworths have lost 83 per cent of their value over the last year.

In early trading they were up 0.22 pence, or 7 per cent, at 3.34 pence, valuing the business at £49m.

Last month Woolworths posted a record first-half underlying loss and suspended its dividend payment.

Earlier this week it said it was comfortable with its financial and cash positions and was continuing to trade normally with its suppliers despite their loss of credit insurance cover.