Tesco has revealed today that it is to sell its stake of 8.6% in online retailer Lazada to Alibaba Group for £90.6 million, just days after the supermarket announced plans to sell Dobbies Garden Centres and its Giraffe restaurants.

In an attempt to turn its balance sheet around which was hit by the accounting scandal in 2014, the supermarket has been getting rid of its non-core assets.

Alibaba has invested £350 million into Lazada, which acts as a platform to sell global brands to South East Asian consumers. This means that Alibaba will become the site’s controlling shareholder.