The parent company of Waitrose, John Lewis Partnerships, is reportedly preparing to buy back some of its supermarkets as part of a retail push.

According to a report from the Telegraph, JLP executives are looking into the option of buying out landlords after securing £1.5bn in cash as they remain confident about the retailer’s turnaround progressing.

The number of Waitrose stores JLP plans to buy back remains undisclosed; however, a source familiar with the matter claimed the company was taking an “opportunistic” approach.

The announcement comes after the parent company of Waitrose cancelled plans to build 10,000 homes last week.

Subscribe to Grocery Gazette for free

Sign up here to get the latest grocery and food news each morning

This move to buyback the Waitrose supermarkets is part of a larger spending drive at John Lewis Partnerships, which seeks to invest in areas that are driving the turnaround.

The reports come after the high-street retailer announced a 6.9 per cent pay increase for its staff members, with hourly pay rising to £13.25 UK-wide and £14.80 within the M25.

Waitrose’s pay rise is set to take effect from 1 April onwards, and the colleagues on the shop floor will earn up to an additional £1,600 per year for a full-time staff member.

Grocery Gazette has contacted JLP for a comment.