The UK’s largest supermarket group reported stronger-than-expected adjusted operating profits of £3.15 billion for the year to February.

Rachel Reeves announced the action to support firms after warning over the lingering impact of the Iran war.

The Official Receiver said the process, aimed at securing a formal sale, is expected to last around five weeks.

Parent group The Fulham Shore partly blamed ‘disproportionately high’ UK taxes as it said a minority of its sites were ‘no longer sustainable’.

It came as President Donald Trump accused Iran of not abiding by the agreement to immediately open the Strait of Hormuz.

The IMF laid out its first set of forecasts since the global economy was rocked by the conflict between US-Israeli and Iranian forces.

Politico and Business Insider owner Axel Springer struck the deal to buy the Telegraph Media Group last month.

The retail group also plans to step up its use of AI across its operations.

It is understood that there are no planned redundancies linked to the transformation.

National Gas said gas stocks in Great Britain are set to be sufficient enough to allow for some British gas to exported to mainland Europe.

It came as the UK operation of the US-based fast food chain confirmed it also secured a £60 million financing deal to help support its growth.

Investors will be keen for the retail giant to report on its outlook for costs and pricing in its full-year results update on Thursday April 16.

The white goods and electricals retailer told shareholders that total revenues are expected to have grown by around 11% over the year to March.

New store openings will include sites such as Abbots Langley near Watford, Warrington in Cheshire, and Thornbury in Gloucestershire.

It came as Japan-based Fast Retailing reported it was facing some higher transport costs amid the conflict in the Middle East.

However, its oil trading operations were boosted by a jump in prices following the conflict between US-Israeli forces and Iran.

Investors welcomed the deal on Wednesday morning after a volatile six weeks for the financial markets since the conflict first began.

Young & Co’s Brewery told shareholders on Wednesday it has struck a deal to buy the eight-strong collection of gastropubs and pubs with rooms.

New figures showed the slump in the UK construction industry continued last month.