TDR Capital has agreed to acquire Zuber Issa’s shares in Asda and will become the majority shareholder with 67.5% ownership.
TDR Capital invested in Asda alongside the Issa brothers, and together they took majority ownership of the business in June 2021.
Gary Lindsay and Tom Mitchell, Managing Partners of TDR Capital, said: “We first invested into Asda over three years ago, seeing a huge opportunity to cement its position as one of the UK’s leading retail brands.
“As majority owners, we will continue to work closely with the Asda management team and colleagues across the business to support its growth strategy, which we believe is the right one to continue to move Asda forward.”
GMB Union, however, has raised concerns about TDR Capital taking a bigger stake in Asda.
Nadine Houghton, GMB National Officer, said: “TDR Capital has serious questions to answer about their asset-stripping of Asda.
“Their private equity ownership has already been bad for consumers – with Asda now the most expensive retailer for fuel – and bad for staff, with millions of working hours cut from the shop floor.
“Further involvement from TDR can only spell more bad news. Bosses must change course to protect Asda workers and stop this British retailer further losing more market share.”
