Exclusive John Wood A major internet home shopping launch will double Waitrose turnover within five years, according to managing director David Felwick. The retailer has set up a joint venture with LM Solutions, and the partners claim it will make Waitrose's full inventory available across the UK within five years. Felwick said: "As a result we expect the Waitrose brand and the new business to capture a significant share of the emerging e-grocery market. He predicted: "This will double the size of our annual turnover from £2bn to £4bn within three to five years." LMS is an e-grocery business founded in January by three former Goldman Sachs bankers, and its management team includes the former heads of M&S food business Nigel Robertson and Roger Whiteside. Waitrose will be its exclusive supermarket partner providing the benefits of its supply chain and procurement set up. Early next year LMS will start deliveries from a warehouse system which is planned to cover the majority of the UK within five years. Felwick said the warehouse deliveries would complement the store based delivery system being developed by Waitrose, which will launch in four stores in the autumn. He said: "What customers will see on screen will be seamless. They won't know whether their shopping is coming from a depot or from a store." Felwick added: "Waitrose will figure in the branding of the service, but we are not revealing the service name." The deal marks the first time the John Lewis Partnership has taken a stake in an outside company, as it will take a 40% equity stake in the new venture. {{NEWS }}