ASDA boss dismisses claims of family feud as his brother looks to cash out of firm
THE billionaire boss of Asda has dismissed claims of a family feud as his brother looks to cash out of the firm.
Mohsin Issa bought the supermarket with sibling Zuber and TDR Capital in a leveraged £6.8billion takeover in 2021.
Zuber is now close to a deal to sell his 22.5 per cent stake to TDR — amid claims of a falling out with his brother.
But Mohsin told The Sun that “there absolutely is no rift between us” but refused to talk about Zuber’s future involvement in the supermarket.
He said: “What I can tell you is I’m absolutely committed to the ownership of Asda and I remain even more convinced than I was when I went into the business.”
Mohsin is now engaged to Victoria Price, a former partner at EY, which was Asda’s auditor until the firm quit last year.
Details on his divorce from former wife of 30 years, Shamima, are unknown but there are claims it has caused friction between the brothers from Blackburn.
Mohsin said: “I’d rather keep my private life private, it’s not for the public domain.”
He did admit he is looking to step back and appoint a chief executive after three years being involved in its day-to-day running.
Previous efforts to hire a boss have proved fruitless.
He was speaking as Asda posted a 7.1 per cent rise in sales to £21billion for last year and a 24 per cent increase in adjusted earnings to £1.07billion.
It has also reduced its leverage to three times its earnings.
However, Mohsin said it had invested £415million in raising wages and almost doubled its stores to 1,200 through the rollout of its 479 convenience stores.
It also brought down prices including a price match promotion against Aldi and Lidl.
Thames’ ‘33% hike in
THAMES Water customers face being hit with bills of £52 a month — 44 per cent more than their current rate.
The troubled firm yesterday had a second stab at gaining approval from regulators.
It said it will put in another £1.1billion in environmental projects, such as fixing leaky pipes and reducing sewage outflows, to take total investment to £19.8billion.
A further £1.9billion of investment will cost customers another £19, taking their bills up from the current £432 a year to £608 by 2030, it said.
The Consumer Council for Water said that including inflation in the proposals will cost customers £627.
It is not clear how Thames Water will be able to raise £20billion as its current investors have refused and call the firm “uninvestable”.
Ofwat has to approve the plan by June 12.
The Government is on standby in case it needs to be temporarily renationalised.
Hornby’s derailed
MODEL train maker Hornby has blamed an 8 per cent fall in fourth-quarter sales on Red Sea disruption.
The business said that container ships filled with its miniatures had been delayed as vessels are taking a longer route to avoid conflict with Houthi rebels who have attacked ships.
Shares in Hornby dipped by 12 per cent yesterday as Hornby also warned it was “cautious in its outlook”.
Not very chill
A BIZARRE row has broken out at London-listed CBD and vape company Chill Brands after suspending its chief executive Callum Sommerton.
Shares in Chill lost a fifth of their value as it said there had been allegations about the former lawyer’s “use of inside information”.
It comes days after a major shareholder called a meeting to remove two other directors amid claims they were plotting against Mr Sommerton.
Yesterday he denied the accusations, adding: “I am confident I will be vindicated”.
Banna boom
EX-DRAGONS’ Den star Duncan Bannatyne has beefed up his gym empire with profits rising to £10million last year, from £1million the year before.
Bannatyne Group said it had repaid its Covid loans while sales have risen 8 per cent to £138million.
The Pane Game
A 186-YEAR-OLD windows and doors business, Tyman, has become the latest British company to succumb to a foreign takeover.
FTSE 250-listed Tyman yesterday agreed to a £780million takeover by New York-listed rival Quanex Building products.
Shares in Tyman jumped by more than a third.
It raises fears about UK firms falling prey after deals including Spirent, Keysight and Lok’nStore this year.
AJ Bell’s Russ Mould said the UK market “is experiencing death by a thousand cuts”.