Resurgent UK high street giant Marks & Spencer revealed on Monday it has finally found a buyer for its US grocery chain Kings Supermarkets and will sell the 29-strong chain for £102 million cash to D'Agostino Supermarkets.

The deal, which comes 14 years after M&S bought Kings for $110m, brings to an end the company's non-franchised overseas operations. That pull-out has seen an upturn in its fortunes and earlier this year it posted a 30 per cent jump in annual profits to £647m.

The latest sale surprised many US observers as it was thought Gristede's Foods would buy Kings but when it failed to meet last week's deadline, family-owned D'Agostino nipped in and sealed the deal.