Asda CFO says the Issas are ‘in it for the long haul'

THE acting boss of Asda today insisted that the billionaire Issa brothers are still "in it for the long-haul" despite reports that one of them is seeking to exit Britain's third biggest supermarket chain.

- Simon Hunt

At a hearing before Parliament in December, Mohsin Issa was questioned over his commitment to the grocery business he and his brother Zuber bought in 2021, in light of the complex offshore ownership structure which would help reduce the tax bill in the event it was sold. Mohsin told MPs he was committed to Asda adding that he was seeking to expand its store estate.

But it has since emerged that Zuber is seeking to sell his 22.5% stake to private equity firm TDR Capital, which would give it majority control of the supermarket, leaving Mohsin with a 22.5% stake and US firm Walmart with a 10% share.

Asda CFO Michael Gleeson today told the Standard: "The shareholders look at this business and generally the businesses they invest in for the long-run.

"I'm not going to speculate on discussions over what Zuber might or might not do in the future.