TikTok has begun restoring service to the app in the US after Donald Trump said he would sign an executive order pausing its ban.

A law signed by President Joe Biden last April required ByteDance, TikTok‘s China-based parent company, to sell the app to a non-Chinese owner by Sunday or face a ban.

Some users reported that they lost access on Saturday night, and Americans opening the app on Sunday have been greeted with a message saying they “can’t use” TikTok “for now”.

But in a post on Truth Social ahead of his inauguration, Mr Trump said he would issue an executive order handing the app an extension to find a new owner.

“I’m asking companies not to let TikTok stay dark,” the president-elect wrote, adding the order will allow time “so that we can make a deal to protect our national security”.

He then confirmed that “there will be no liability for any company that helped keep TikTok from going dark before my order” and said: “Americans deserve to see our exciting Inauguration on Monday, as well as other events and conversations.”

TikTok later said it had started restoring service on Sunday, thanking the president for clarifying to service providers “that they will face no penalties providing TikTok”.

It added: “It’s a strong stand for the First Amendment and against arbitrary censorship. We will work with President Trump on a long-term solution that keeps TikTok in the United States.”

Ahead of the ban coming into effect, White House press secretary Karine Jean-Pierre called TikTok’s plans to shut down the app a “stunt” and said actions enforcing the ban would “fall to the next administration”.

Mr Trump also indicated on Truth Social what a possible deal could look like, saying he would prefer the US “to have a 50% ownership position in a joint venture” with ByteDance or a new owner.

“Without US approval, there is no TikTok,” he said. “With our approval, it is worth hundreds of billions of dollars – maybe trillions.”

On Saturday, the president-elect told NBC News‘ Meet The Press moderator Kristen Welker that TikTok would “most likely” be given a 90-day pause from the ban to find a new owner.

Under the bipartisan law on TikTok – signed by Mr Biden – the president can grant a one-time extension of 90 days under three conditions:

• There is a path to divestiture of the app

• There is “significant progress” toward executing a sale

• There are in place “the relevant binding legal agreements to enable execution of such qualified divestiture during the period of such extension”

No legal agreements on the sale of TikTok to a non-Chinese owner have been made public, and Mr Trump did not say on Saturday if he was aware of any recent progress toward a sale.

CNBC later reported Perplexity AI made a bid for the app’s parent company on Saturday to allow it to merge with TikTok US and create a new entity, which would also include New Capital Partners.

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During his first term in the White House, Mr Trump attempted to ban TikTok as well as the Chinese-owned messaging app WeChat but was blocked by the courts. It was later revoked by Mr Biden.

Last year, he briefly met with the app’s chief executive Shou Zi Chew, who will attend the inauguration on Monday.

He’s expected to sit with fellow tech executives Elon Musk, Mark Zuckerberg and Jeff Bezos, a Trump transition official told NBC.

The private equity owner of Asda has struck a deal to buy a controlling stake in a group which specialises in backing British SMEs.

Sky News has learnt that TDR Capital has agreed to acquire a majority interest in CorpAcq, less than six months after the so-called ‘corporate compounder’ aborted a deal to list in the US.

City sources said this weekend that CorpAcq, which makes roughly £125m in annual profit, was being valued at well over £1bn on an enterprise value basis in the deal with TDR.

Founded in 2006, CorpAcq – which sponsors Sale FC Rugby’s stadium, near its Altrincham base – has amassed a portfolio of more than 40 companies.

It specialises in buy-and-build strategies, with a focus on companies operating in the industrial products and services sectors.

The company’s acquisition blueprint enables SME founders to retain management control while gaining a long-term investment partner offering operational support to those businesses.

CorpAcq’s founder is Simon Orange, brother of the former Take That member Jason and joint-owner of the Sale Sharks.

In 2023, a special purpose acquisition company (SPAC) founded by Michael Klein, one of Wall Street’s leading financiers, announced a $1.5bn plan to take CorpAcq public.

The merger was called off in August last year, with Mr Klein’s vehicle Churchill Capital VII citing difficult IPO market conditions.

Banking sources said that TDR and CorpAcq had entered discussions well after the SPAC deal was abandoned.

The deal, which could be announced within weeks, is the latest to be struck by TDR, which also counts the pubs giant Stonegate and David Lloyd Leisure among its portfolio of investments.

A spokesman for TDR declined to comment.

The owner of Poundland, one of Britain’s biggest discount retailers, has drafted in City advisers to explore radical options for arresting the growing crisis at the chain.

Sky News has learnt that Pepco Group, which has owned Poundland since 2016, has hired consultants from AlixPartners to address a sales slump which has raised questions over its future ownership.

City sources said this weekend that the crisis would prompt Pepco to explore more fundamental for Poundland, including a formal restructuring process that could prompt significant store closures, or even an attempt to sell the business.

AlixPartners is understood to have been formally engaged last week, with options including a company voluntary arrangement or restructuring plan said to have been floated by a range of advisers on a highly preliminary basis.

Sources close to the group said no decisions had been taken, and that the immediate focus was on improving Poundland’s cash performance and reviving the chain’s customer proposition.

A sale process was not under way, they added.

Poundland trades from 825 stores across the UK, competing with the likes of Home Bargains, B&M and Poundstretcher, as well as Britain’s major supermarket chains.

Last year, the British discounter recorded roughly €2bn of sales.

It employs roughly 18,000 people.

Earlier this week, Pepco Group, the Warsaw-listed retail giant which also trades as Pepco and Dealz in Europe, said Poundland had seen a like-for-like sales slump of 7.3% during the Christmas trading period.

In its trading statement, Pepco said that Poundland had suffered “a more difficult sales environment and consumer backdrop in the UK, alongside margin pressure and an increasingly higher operating cost environment”.

“We expect that the toughest comparative quarter for Poundland is now behind us – the same quarter last year represented a period prior to the changes made within our clothing and GM [general merchandise] ranges – and therefore, we expect the negative sales performance for Poundland to moderate as we move through the year.”

It added that Poundland would not increase the size of its store portfolio on a net basis during the course of this year.

“We are continuing a comprehensive assessment of Poundland to recover trading and get the business back to its core strengths, including undertaking a thorough assessment of all costs across the business, as well as evaluating its overall competitive positioning,” it added.

The appointment of AlixPartners came several weeks after Stephan Borchert, the Pepco Group chief executive, said he would consider “every strategic option” for reviving Poundland’s performance.

He is expected to set out formal plans for the future of Poundland, along with the rest of the group, at a capital markets day in Poland on 6 March.

Among the measures the company has already taken to halt the chain’s declining performance have been to increase the range of FMCG and general merchandise products sold at its traditional £1 price-point.

Poundland’s crisis contrasts with the health of the rest of the group, with Pepco and Dealz both showing strong sales growth.

A spokesman for Pepco Group, which has a market capitalisation equivalent to about £1.7bn, declined to comment further on the appointment of advisers

AlixPartners also declined to comment.