Asda
Supermarket, Corporationretail
| Asda link () Twitter Website | |
|---|---|
| File:Asda logo.png | |
| Formation | 1949 |
| Founders | Peter Asquith, Fred Asquith, Sir Noel Stockdale |
| Headquarters | Leeds, England, UK |
| Type | retail |
| Owners | Issa brothers |
Asda is the third largest supermarket chain in the United Kingdom.
In February 2021, like other British supermarkets; Sainsbury's and Morrisons, Asda became victim of a hostile takeover by a private-equity firm. It has since become a victim of asset stripping.
History
Founded in 1949.
On 26 July 1999, Walmart took over Asda. A move supported by then Prime Minister Tony Blair.[1]
In February 2021, EG Group and TDR Capital acquired Asda. Walmart still retains "an equity investment" in Asda, a seat on the board and "an ongoing commercial relationship".[2] The takeover came after an acquisition by Sainsbury's was rejected by the Competition and Markets Authority.[3]
In June 2021, the Issa brothers announced that they would be selling off Asda distribution centres for £1.7bn.[4]
References
- ↑ http://news.bbc.co.uk/1/hi/business/368430.stm
- ↑ https://www.reuters.com/article/uk-asda-m-a-issa-brothers-completion-idUSKBN2AG1I7
- ↑ https://corporate.walmart.com/newsroom/2021/02/16/issa-brothers-and-tdr-capital-complete-the-acquisition-of-asda-from-walmart
- ↑ https://www.mirror.co.uk/money/breaking-issa-brothers-buy-asda-24411660