As prices surge and the UK economy struggles more than most of its peers, Starbucks is reportedly looking for an exit.

The company is engaged with advisers to determine whether it could — or should — sell its business in the United Kingdom, according to UK newspaper The Times.

Asked for comment, Starbucks shared with CNN Business an email it sent its UK staff over the weekend denying the company is engaged in a "formal sale process" and asserting its desire to remain in the region.

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The report comes at a time that the UK economy is in tough shape, making it difficult for businesses to operate and for residents to make ends meet. UK inflation hit 9.1% in May — a 40-year high and the highest rate among the leading G7 economies. And there's no relief in sight: Inflation is forecast to climb above 11% later this year.

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Food prices in particular have been soaring, creating a cost of living crisis for many in the UK. Disposable incomes are on track for the second biggest fall since record keeping began in 1964, according to the Bank of England.

As prices surge and the UK economy struggles more than most of its peers, Starbucks is reportedly looking for an exit.

The company is engaged with advisers to determine whether it could — or should — sell its business in the United Kingdom, according to UK newspaper The Times.

Asked for comment, Starbucks shared with CNN Business an email it sent its UK staff over the weekend denying the company is engaged in a "formal sale process" and asserting its desire to remain in the region.

*

The report comes at a time that the UK economy is in tough shape, making it difficult for businesses to operate and for residents to make ends meet. UK inflation hit 9.1% in May — a 40-year high and the highest rate among the leading G7 economies. And there's no relief in sight: Inflation is forecast to climb above 11% later this year.

*

Food prices in particular have been soaring, creating a cost of living crisis for many in the UK. Disposable incomes are on track for the second biggest fall since record keeping began in 1964, according to the Bank of England.