The finances of the UK's third-biggest supermarket chain have been a hot topic in the City since it changed hands in 2021, when US retail giant Walmart pulled out of the UK by selling a majority stake to the Blackburn-based entrepreneurs in a £6.8 billion deal.
The move was transformative for Mohsin and Zuber Issa, putting them in control of a company with 18 million customers a week and 145,000 employees. They set their sights on overtaking Sainsbury's to put their 600-store chain just behind industry leader Tesco.
They financed the deal with debt. Since interest rates started rising in December 2021, the cost of the capital used has increased significantly, stoking Square Mile speculation about the burden of the borrowing on Asda and the Issas. Rising rates and a worsening economic backdrop have also prompted banks across Europe to tighten their credit standards in recent months.
Bu hikaye Evening Standard dergisinin November 17, 2023 sayısından alınmıştır.
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Bu hikaye Evening Standard dergisinin November 17, 2023 sayısından alınmıştır.
Start your 7-day Magzter GOLD free trial to access thousands of curated premium stories, and 9,000+ magazines and newspapers.
Already a subscriber? Giriş Yap
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