The US retail titan’s international boss Judith McKenna told staff the business was “seriously considering” an IPO in a bid to achieve “long-term success” for the grocer.

Speaking at a meeting of 1,200 of Asda’s store, warehouse and head office staff at its Leeds HQ yesterday, McKenna said Walmart was “not rushing” the move and admitted that the potential return to public ownership would “take years”.

Details of Walmart’s ambitions to launch an IPO emerged just three weeks after the Competition and Markets Authority blocked plans for Asda to merge with Sainsbury’s in a £13bn deal.