Asda chief Mohsin Issa looks to shrug off debt fears in grilling from MPs December 19, 2023 The billionaire co-owner of Asda, Mohsin Issa, has defended the firm’s complex corporate structure and mounting debt pile today amid growing concerns from MPs over the management of the supermarket group.
Issa Brothers double-up Asda and EG Group to create forecourts giant May 30, 2023 Asda has confirmed plans to acquire the UK and Ireland division of petrol giant EG in a deal that will create a UK consumer giant with £30bn-worth of revenues a year. The supermarket, which is headed by the billionaire Issa brothers, has purchased the brothers’ other business, the EG Group, for £2.27bn. Asda is now [...]
Asda owners tying up £10bn merger with petrol giant EG May 25, 2023 The billionaire owners of Asda and petrol giant EG are reportedly gearing up to tie a ribbon on their £10bn merger in Britain. The deal, which will create a cluster of 170,000 employees and revenues of £30bn, is set to be announced on Friday, according to reports in Sky News. If confirmed, the group will [...]
Asda: Debt-laden grocer cashes in on price matching schemes as hunt for new chief gets underway May 17, 2024 Asda, the debt-laden grocery chain, said Aldi and Lidl price matching schemes helped revenue grow by 6.6 per cent in the first quarter of the year.
Asda: Billionaire Zuber Issa close to selling £500m stake in supermarket giant to TDR Capital April 19, 2024 Billionaire Zuber Issa is close to completing talks to sell his £500m stake in Asda to its private equity backer, TDR Capital, according to reports.
Asda boasts earnings and cash flow growth as low prices and loyalty apps win over consumers April 22, 2024 The firm pointed to the success of its loyalty app scheme, lower opening price points and the Just Essentials range.
Commons Committee demands answer from Asda over ‘unclear’ fire and hire evidence July 5, 2023 The Business and Trade Committee is demanding Asda provide more evidence over it’s “unclear” fire-and-rehire strategy, after some 7,000 workers were threatened with the practice back in May. Chair of the committee, Darren Jones, is hauling the ‘Big Four’ grocer back in front of MPs after it said it was “concerned about apparent discrepancies” between [...]
Supermarkets behaving badly: Asda and Morrisons bosses back ‘transparent’ fuel pricing model June 27, 2023 Supermarkets bosses have been grilled by MPs on prices at the pump and agreed to consider entering into a fuel model which would give more transparency. The government has been mulling a scheme whereby petrol stations would have to share live prices in efforts to bring more price transparency for drivers – a similar system [...]
Fuel price warning if Asda forecourt mega-merger goes ahead January 23, 2023 A MOOTED merger between Asda and its owners’ separate forecourt business could lead to significantly higher fuel prices, a campaign group has warned. The billionaires – who bought Asda in 2020 for £6.8bn – are reportedly plotting to merge the supermarket chain with their forecourt business EG Group. The merger could create a new company [...]
Asda accused of ‘fire and rehire’ in row over pay cut plans for 7,000 May 18, 2023 Asda and a union representing 7,000 workers have entered into a furious row, after the supermarket giant was accused of “inexcusable” pay cut plans. The chain rejected claims it is going to cut the pay of 7,000 low-paid retail workers, insisting it is in the middle of a consultation to remove an “anomaly” in the [...]