Walmart is to sell its UK supermarket chain Asda to a consortium comprising private equity group TDR Capital and the founders of petrol station operator EG Group. The purchase price is £6.8 billion ($8.8 billion).
Asda looks set to change hands, possibly as early as this week, with owner Walmart having entered exclusive talks with private equity firm TDR Capital. Walmart is expected to sell a controlling stake for over £6.5bn.
UK retailers are urging strong government action as they deal with the Leicester garment factory scandal. The main company in the spotlight, Boohoo Group, and others are calling for a factory licensing system.
As the new owners of TM Lewin continue to seek new deals for its retail stores, a report has suggested the company could consider a pre-pack administration in order to allow it to close as many of the shops as possible.
Amazon is losing its UK head with Doug Gurr to become the director of the Natural History Museum. It’s a surprise move on the surface with the exec having been at Amazon for nine years, and previously working at Asda.