The Co-operative Group has announced it has sold its farms business for £249m to health charity The Wellcome Trust.

Co-op has said it now wants to focus on its core retail and consumer divisions, including food, insurance and legal services, and its funeral business.

It will be using the sale cash to help reduce any debts and invest in its core businesses.

The sale includes 39,533 acres of land, 15 farms, more than 100 residential properties, 27 commercial properties and will be transferring all existing farms management and employees to Wellcome.

Richard Pennycook, interim group chief executive of the Co-operative Group said "The successful sale of our farms business is another important development for the Co-operative Group,"

"The sale proceeds will enable us to further reduce our debt and progress with the delivery of the clear strategic plans we have in place for our core retail and consumer services' divisions."

The Wellcome Trust said it was "ideally placed to develop and grow" the Co-op's farms and farm business.