Supermarket giant, Morrisons, has appointed advisers to look into the possible sale of its bakery business, Rathbones.

Morrisons is looking to sell assets to reduce debts and is working with Deloitte on the potential sale of the bakery, as reported by Retail Gazette.

Talks are reported to be at an early stage, with no guarantee that a sale will go ahead, although private equity company Endless has been named as a potential buyer.

Morrisons has owned Rathbones since 2005, after saving it from administration. The supermarket also owns several farms and manufacturing plants, which its former chief executive said made it difficult to keep costs down.

Morrisons' market share has fallen since the pandemic, but the supermarket reported a rise in like-for-like sales for a sixth consecutive quarter in January.