Bibby Line Group, the 211-year-old mini conglomerate that includes the Costcutter convenience store chain, has suffered its first loss in 30 years. 

The family-run business, which is still controlled by Merseyside millionaire Sir Michael Bibby, said that 2016 was “one of the most challenging years in recent memory”.  Mr Bibby cited Donald Trump’s shock election victory, Brexit uncertainty and the slump in oil and gas investment for the tough backdrop, which resulted in the business swinging from pre-tax profits of £30m to a loss of £66m.

The company’s results were largely dragged down by a 36pc dive in sales, to £264m, in Bibby’s offshore arm.  The division’s bonds have plunged from 61.7p at the start of the year to just 36p as investors brace themselves for a potential debt restructuring.

Industry sources expect a debt for equity swap after the group hired advisers at EY to explore ways to cut costs. Bibby Group’s woeful results come as speculation swirls about the future of Costcutter.

Sir Michael wrote to shopkeepers last month to say he ­expected to make an announcement shortly.  Industry sources believe the business has a greater chance of striking a wholesale agreement with a rival than buying another business. Costcutter sales fell by 10pc last year to £628m.