Asda has been grappling with shrinking sales in an increasingly competitive market as well as availability problems and declining store standards. Its grocery market share fell to 12.6 per cent in February, according to Kantar data, from 14.8 per cent when the £6.8bn takeover by the Issa brothers and private equity firm TDR completed in 2021.

Asda has warned major spending plans will eat into its profits, after pledging to cut the prices of thousands of products and revive its stores in a bid to win back shoppers from rivals. Returning boss Allan Leighton said it would not be a “quick fix” to get the supermarket chain back on a stronger footing.