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March 3, 2024
PI Global Investments
Private Equity

Asda’s private equity owners face grilling by MPs over mounting debts

ASDA’S private equity owners face a grilling from MPs next Tuesday amid concerns over the supermarket giant’s falling market share and high debt levels.

TDR Capital, which, along with Blackburn’s billionaire Issa brothers, bought the chain in February 2021, will give evidence to the business and trade select committee.

Both the GMB union and Asda bosses gave evidence at a committee session before Christmas, but TDR Capital, which owns a 45 per cent share of the business, did not attend.

GMB national officer Nadine Houghton said: “It’s right that MPs will finally get the chance to hold TDR Capital to account on their co-ownership of Asda.

“Too often, shadowy private equity bosses are able to dodge scrutiny and do their dealings behind closed doors.

“But workers on Asda’s shop floor deserve answers from private equity owners too, especially while Asda’s market share falls and debt levels remain worryingly high.

“It is vitally important to get the full story from its bosses.”

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