URGENT UPDATE: Asda has just announced a significant financial maneuver, selling 24 stores and a depot to recover £568 million as part of its turnaround strategy. This crucial development, revealed earlier today, aims to strengthen the retailer’s finances amid ongoing challenges.
The grocery giant, which reported a staggering £3.8 billion in net debt at the end of 2024, has agreed to lease back the properties after the sale, ensuring operations will continue seamlessly for both customers and employees.
Ten of the stores and a depot located in Lutterworth, Leicestershire will be sold to US investment firm Blue Owl Capital. Additionally, another ten stores will be acquired by Blue Owl’s joint venture with Supermarket Income REIT, while four stores will transition to London-based DTZ Investors.
Asda’s spokesperson emphasized the company’s commitment to maintaining operational control despite the sales:
“These transactions reflect that approach, enabling us to realise value from the sites while retaining full operational control.”
This bold step comes as Asda prepares to report its third-quarter trading performance next week, revealing how these financial strategies are impacting its overall recovery plans under CEO Allan Leighton.
As shoppers and employees brace for change, this decision marks a pivotal moment for Asda, which continues to navigate a competitive retail landscape. The company assures that all locations will remain operational, with no immediate changes for workers.
Stay tuned for more updates as Asda’s financial strategies unfold. This developing story is critical for anyone following the UK’s retail market and its implications for employment and consumer choice.
