The retailer said it believes further restrictions are “almost certain”, believing a writedown against freehold values and other non-cash impairments will be required.

Mike Ashley’s Frasers Group has said it will save “a number of jobs” after buying parts of DW Sports for £37 million.

Mike Ashley’s Frasers Group has published its delayed results – the second time in two years sales figures have failed to arrive on time – and painted a bullish picture for the future of the high street at a time when others are fleeing.