Issa brothers 'debt-laden' Asda merger 'not in the best interests of county', MP warns
A West Lancashire MP has warned a merger between Asda and Issa Brothers-owned EG Group is 'not in the best interests of county'.
After being mooted for months, plans for the potential £10billion merger were revealed in May. MP Dalton has urged the secretary of state for business and trade to call in the Competition and Markets Authority to intervene.The £7 billion EG debt is due to be refinanced in 2025, when interest rates are likely to be significantly higher - placing the ‘big four’ supermarkets in a potentially perilous financial position.
"As one of the largest private sector employers in the UK, the future sustainability of Asda is important to my constituents that work there. Their livelihoods rely on it. Not only that but many of my constituents do a weekly shop at the store. The Asda workers trade union, GMB union, also wrote to the Secretary of State on this matter in April. Nadine Houghton, GMB National Officer said union members working at Asda are "rightly concerned about the future of their jobs" when their company "keeps racking up more debts".
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