Brief by Shorts91 Newsdesk / 06:53am on 28 Aug 2023,Monday Business
The billionaire Issa brothers' acquisition of Asda in 2021 for £6.8 billion now looks precarious after a bumpy ride. The Blackburn-based businessmen had grand plans to expand Asda into the UK's second-largest grocer. But surging inflation and the cost of living crisis have upset their lofty goals. Asda's previous owner, Walmart, was keen to offload the chain near the market's peak. The boom in pandemic grocery shopping initially promised a cash cow for the Issas. However, economic headwinds have now put their £1 billion investment in convenience stores and in-store franchises in doubt. What once seemed a golden opportunity is proving hard to deliver.
