TJ Morris, which trades as Home Bargains, is flogging olympic merchandise at discounts of up to 90%.

The discounter sent out a promotional email this week highlighting savings on a number of Olympics-themed items, including backpacks, mascots, mugs and toys.

Union Jack backpacks in the shape of Olympic mascot Wenlock (rsp: £29.99) are being sold for just £2.99, while a pack of three Pride the Lion British team mascots (rsp: £39.99) are available for £3.99.

Olympic-themed mugs filled with Cadbury Heroes (rsp: £20) are on sale for £3.86, while a packet of London 2012 stick-on felts (rsp: £8.99) are being sold for £1.99. London 2012 Sports Dominoes (rsp: £6.99) have been slashed to just £1.29.

TJ Morris was unable to comment, but its official Twitter feed read: “Official Olympics Merchandise at stupid prices. Take that, wallet.”

The enormous discounts come less than a week after The Grocer revealed discounters were being targeted by suppliers desperate to shift a mountain of Olympic stock at rock-bottom prices.