The supermarket chain Morrisons, which was bought by private equity firmClayton, Dubilier & Rice for £10bn in 2021, reported finance costs of £735million, including interest on external debt and other non-cash charges in the year to October 29, up from £593mn in the previous period, made a loss of £1bn last year, partly because of high debt-financing costs.

Morrison lost its place as the UK’s fourth largest grocer to the German discounter Aldi in 2022.

Fuel sales in the year to the end of October fell £561mn to £3,4bn because of lower prices. In January Morrisons agreed a £2.5bn deal to sell its petrol forecourt business to sister company Motor Fuel Group. The chain had been  trying to turn its fortunes around under new CEO Rami Baitieh.