Sainsbury’s has announced a joint venture with Danish discount chain Netto to open 15 Netto stores in the UK by the end of 2015.

Netto operated in the UK for 14 years before exiting in 2010 and selling its stores to Asda. The new Netto stores represent a "complete departure" from the format that left the UK market four years ago.

Per Bank, CEO of Netto's parent company Dansk Supermarked, said: "It's great to be bringing a new twist to the rapidly-growing UK discount sector. We'll offer market-leading value to customers with the freshness and innovation that customers rightly associate with Denmark.

"The discounter experience, operating model and systems of the Dansk Supermarked group, combined with Sainsbury's UK market insight, property expertise and logistics excellence will help deliver a discounter format we think UK customers will love."

Mike Coupe, CEO Designate of Sainsbury's said: "We are very excited about helping to bring the new Netto to British shoppers. This joint venture provides a great opportunity for us to gain exposure to the high growth discount market for the first time in partnership with Dansk Supermarked, whose expertise and values are a strong complement to our own.

"If successful, this trial has the potential to open up a new long term growth opportunity for us complementing our fast expanding convenience, online and non-food businesses, as well as our existing supermarket estate."

The UK discount sector is currently worth an estimated £10 billion in annual sales and is forecast to double in value to approximately £20 billion in the next five years.