![\"Retail](\"https:\/\/dmsretail.com\/RetailNews\/wp-content\/uploads\/2022\/05\/RETAIL-ONLINE-TRAINING-728-X-90.png\")
<\/a><\/p>\n<\/p>\n
![\"Asda\"](\"https:\/\/www.retailgazette.co.uk\/wp-content\/uploads\/2023\/03\/asda-ST-1-2-696x464.jpg\" "\\"\\"\/")
<\/div>\nAsda private equity owner TDR Capital is set to give evidence to the Business and Trade select committee on 9 January.<\/p>\n
The move follows evidence given by both GMB Union and the grocer\u2019s bosses at a committee session before Christmas, which Asda co-owner TDR Capital\u00a0did not attend.<\/p>\n
GMB national officer Nadine Houghton said: \u201cIt\u2019s right that MPs will finally get the chance to hold TDR Capital to account on their co-ownership of Asda.<\/p>\n
\u201cToo often shadowy private equity bosses are able to dodge scrutiny and do their dealings behind closed doors.\u201d<\/p>\n
She continued: \u201cBut workers on Asda\u2019s shop floor deserve answers from private equity owners too, especially while Asda\u2019s market share falls and debt levels remain worryingly high.<\/p>\n
\u201cAsda is part of our country\u2019s national infrastructure. It is vitally important to get the full story from its bosses.\u201d<\/p>\n
Subscribe to Retail Gazette for free<\/strong><\/h5>\nSign up\u00a0here\u00a0to g<\/span>et the latest news straight into your inbox each morning<\/span>\u00a0<\/span><\/strong><\/p>\nLast year it was revealed that the supermarket will see its debt interest bill exceed \u00a3400m early in 2024, driven by escalating interest rates that are piling pressure on the private equity-owned supermarket.<\/p>\n
Speaking to the Business & Trade Committee in December, Asda\u2019s chief financial officer Michael Gleeson said the company\u2019s debt interest bill would rise by as much as \u00a330m in February, when half a billion pounds of loans switch from a fixed to floating interest rate.<\/p>\n
The \u00a3500m in borrowings are part of the debts taken on by the supermarket to finance the acquisition of the business back in 2021. Brothers Mohsin and Zuber Issa bought the retailer in a highly-leveraged \u00a36.8bn takeover alongside the private equity firm TDR.<\/p>\n
Last year it was revealed that the supermarket will see its debt interest bill exceed \u00a3400m early in 2024, driven by escalating interest rates that are piling pressure on the private equity-owned supermarket.<\/p>\n
Speaking to the Business & Trade Committee in December, Asda\u2019s chief financial officer Michael Gleeson said the company\u2019s debt interest bill would rise by as much as \u00a330m in February, when half a billion pounds of loans switch from a fixed to floating interest rate.<\/p>\n
The \u00a3500m in borrowings are part of the debts taken on by the supermarket to finance the acquisition of the business back in 2021. Brothers Mohsin and Zuber Issa bought the retailer in a highly-leveraged \u00a36.8bn takeover alongside the private equity firm TDR.<\/p>\n