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.
EG Group: Issa brothers fry off entire KFC franchise to slash debt mountain December 6, 2023 EG Group, the debt-laden petrol group owned by the billionaire Issa Brothers, has offloaded all of its franchise KFC sites in the UK and Ireland to the US multinational behind the fried chicken empire.
Asda slashes debt as value range sales surge November 15, 2023 Asda has reduced its debt pile from £4.2bn to £3.9bn, according to its third quarter results, thanks to “strong cash generation” at the UK supermarket. The ‘Big Four’ grocer, said that during the term like-for-like sales, excluding fuel, increased by 2.8 per cent to £5.4bn compared to the same period last year. Food like-for-like sales [...]
Asda chairman says supermarkets owed ‘debt of gratitude’ as he snubs profiteering claims September 5, 2023 Asda’s chairman said supermarkets are owed a “great debt of gratitude” as he rebuffed claims that the grocer is profiteering from rising petrol and food prices amid the cost of living crisis. Speaking to LBC, Stuart Rose said that all retailers have seen their profits over the last year go “backwards”. “If you look at [...]
Trust in supermarkets at 10-year low like ‘dark days of horsemeat scandal’ August 29, 2023 Trust in supermarkets has plunged to its lowest level in nearly a decade as consumers continue to worry about high prices, despite food inflation showing signs of easing. In August the grocery sector received a trust score of +30 -on a scale of -100 to +100 -from British shoppers, a new study by Which? revealed [...]
Subway sold to Dunkin Donuts’ owner Roark Capital in £7.55bn mega-deal August 24, 2023 Subway has agreed to sell itself to private equity firm Roark Capital, the owner of Dunkin Donuts and Arby’s, in a deal rumoured to be worth $9.55bn (£7.55bn). Earlier this year the sandwich maker said it was exploring options to sell the business, which has been in hands of the DeLuca and Buck families for [...]
Asda facing £1.2bn bill to 44,000 staff as leaked email piles pressure on pay dispute August 2, 2023 Asda is at risk of losing £1.2bn in historic compensation payouts according to the union representing staff, after a leaked email appeared to strengthen their case today. The email, which was obtained by ITV news, from lawyers Leigh Day compared the knowledge and responsibility of female workers – who traditionally work on shop floors – [...]
Supermarket fuel margins more than double since Ukraine war July 22, 2023 Supermarkets have more than doubled their margins on fuel since the start of the war in Ukraine, new analysis suggests. The RAC said Asda, Tesco, Morrisons and Sainsbury’s were making an average of around 4.7p per litre on fuel sales when the Russian invasion began in February 2022. The motoring services company found this had [...]
RAC: Tesco, Sainsbury’s, Asda and Morrisons have more than doubled fuel margins since Ukraine war July 22, 2023 Supermarkets have more than doubled their margins on fuel since the Ukraine war began, according to research from motoring firm the RAC. The ‘big four’ supermarkets – Tesco, Sainsbury’s, Asda and Morrisons – have seen the profits they make per litre of diesel and petrol rise from 4.7p to 10p since the Russian invasion started in [...]
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 [...]