The American company is mulling a float or sale as private equity firms and other bidders circle, reports the Daily Mail. It is looking to exit the UK market and focus on more profitable emerging markets such as India.

Walmart has reportedly been approached by bargain chain B&M. Asda had been reported to be considering a takeover of B&M in 2017.

A trade buyer could be a more likely outcome for the supermarket as grocery margins have historically proved too low for private equity buyers, who will not see a clear exit strategy, although KKR has been identified as an interested party.