CMA bosses would have charged Asda more for failing to comply with fuel pricing probe July 19, 2023 The co-owner of Asda, Mohsin Issa, has said he thought it was ‘unfair’ for competition watchdog bosses to say they would have charged the grocer more if they could for failing to provide relevant info for its probe into fuel pricing. In June, Asda was fined £60,000 by competition watchdog for failing to co-operate properly [...]
Tesco joins petrol pump war with 6.5p cut to unleaded after Asda’s 9p drop August 2, 2022 Tesco has slashed its prices for petrol to help customers manage with the cost of living crisis. The supermarket giant said the price of unleaded is set to fall by 6.5p and diesel by 4.5p, as many consumers and businesses continue to struggle with rising energy costs. “We know how tough rising fuel bills have [...]
Asda owners explore £13bn merger with petrol business EG Group January 22, 2023 Asda’s owners are exploring merging the business with petrol forecourts business EG Group before EG’s 2025’s £7bn refinancing, The Times reported on Saturday. The two businesses are both jointly owned by Mohsin and Zuber Issa and private-equity company TDR Capital. The paper said the merger would create a business worth between £11bn and £13bn, with [...]
Ex Asda boss: Cutting prices for cash-strapped Brits is ‘very important’ after Sunuk plea June 23, 2023 Supermarkets regard cutting prices as “very important”, according to a former boss of Asda, after the Prime Minister warned retailers about pricing “responsibly and fairly”. Andy Clarke, who served as Asda’s chief executive officer between 2010 and 2016, said the big chains were “heavily focused” on competitive pricing as the industry hit back over suggestions [...]
Billionaire Issa brothers’ £2bn Asda deal sees petrol stations empire EG Group surge back to profit May 20, 2024 The petrol forecourts empire built by the billionaire Issa brothers, who also own Asda, surged back into the black in 2023 following its £2bn deal with the supermarket giant.
Asda completes £611m swoop for Co-op’s petrol business October 31, 2022 Asda has completed a £600m deal to buy the Co-op’s petrol business Asda this morning. The deal includes 129 petrol forecourt sites, spread across the UK and represents five per cent of Co-op’s retail estate of 2,564 stores. Co-op said it would use the proceeds to reinvest in the convenience business and reduce net [...]
‘You can’t interfere in the markets,’ Asda boss tells government over food price caps May 30, 2023 Veteran retail boss Stuart Rose has warned the government of “unintended consequences” around encouraging supermarkets to impose price caps on food staples to cut the cost of living. Asda chairman Lord Rose, who also ran Marks and Spencer and chaired Ocado, said “you can’t interfere in the markets” and warned of the “unintended consequences” of [...]
Almost 300 jobs at risk at Asda and 4,100 staff face pay cut January 26, 2023 Asda has unveiled a major shake-up of store operations, which will put close to 300 roles at risk and reduce pay for more than 4,000 night workers. The supermarket chain has proposed that some overnight restocking shifts at 184 stores are moved to the daytime, putting 211 night shift manager roles at risk. It said the [...]
Asda to open Express convenience stores in bid to gain market share October 18, 2022 Asda will open its first convenience stores this winter, as the supermarket hopes to appeal to more shoppers on the go. The first Asda Express store will open in Sutton Coldfield next month, followed by a store in Tottenham Hale in December. Some 30 more stores will be rolled out across 2023, in a scheme [...]
Morning in the City: Asda-EG tie up, Home REIT update, US debt ceiling talks May 30, 2023 Welcome to the live blog for Tuesday 30 May, after a nice bank holiday weekend!