Update in relation to acquisition of Asda by Issa Brothers and TDR Capital

Following the announcements by EG Group as well as the Issa Brothers and TDR Capital outlining the proposed financing structure behind the acquisition of Asda, Roger Burnley, Asda Chief Executive, said:

“Today’s announcements mark an important step in the purchase of Asda from Walmart by the Issa Brothers and TDR. The main elements relate to how they are planning to finance their purchase and include the proposed sale of the Asda petrol forecourts sites to EG Group. Whilst the transaction remains subject to CMA approval, we will work closely with our new owners on how these Asda sites would operate as part of the EG Group under the Asda brand and ensure they continue to be a price leader in the fuel sector.

“We know that our customers are enduring a challenging time with the latest lock-down and we continue to serve them the best we can through our stores and growing online delivery slots. Throughout 2020 we played our role in tackling the pandemic with our customers and colleagues at the front of our mind – keeping our prices low, protecting our vulnerable colleagues and supporting the communities we serve.

“During the final quarter of the year we delivered a strong performance delivering a 6.9% increase in sales during the 8 weeks to the 24th December as well as doing the right thing for our colleagues by closing our stores on Boxing Day and allowing thousands of our hard working people to spend more time with their family. We were also delighted to be able to announce that we are working with Dell to provide 7,000 laptops to children to help avoid them falling behind in their learning and have just launched our first in-store vaccination services at Cape Hill store in Birmingham and Watford store. We are proud of the role we play in serving our local communities and will continue to play our important role under new ownership.”