The UK arm of the Swedish homeware giant said retail sales dropped by 6.8% to £2.3 billion for the year to August.

Ikea UK sales slid in its latest financial year, as it invested further into slashing prices. The homewares giant’s sales dropped 6.8% to £2.3bn in the year to 31 August, which it said was due to its “strategic decision” to prioritise affordability and invest more than £117m into cutting prices.

In an escalation of the bidding war for Tritax Eurobox, the commercial landlord snubbed Segro and backed a new £1.1bn offer from Brookfield Asset Management.