Christmas grocery shopping hits fresh high while Brits make budget trimmings Retail Brits splashed out on groceries in the run-up to Christmas but watched their budgets more than ever, as own-brand products and cut-price veg caught the eyes of shoppers. Festive grocery sales increased by 3.8 per cent on the previous year, as Brits spent a record £13.8bn on Christmas supermarket shops amid moderately easing retail inflation [...]
Asda: Will 2026 be the year supermarket giant bounces back? Retail This time last year, analysts warned that Asda needed to “dig down into its soul” if it was to turn around its fortunes. After a rollercoaster 2024 in which it struggled with debt, strikes and falling sales, the Leeds-headquartered supermarket giant was hoping the new year would begin to reveal green shoots of recovery. Under [...]
Leon to close sites and cut jobs as it enters administration hospitality Fast-food chain Leon is set to enter administration, close a number of locations and cut jobs as part of a bid by its new owner to turn around the struggling chain. The company was bought back by co-founder John Vincent last month from Asda in a deal reported to be between £30m and £50m, well [...]
Asda boss bashes Budget as sales continue to drop November 28, 2025 Asda boss Allen Leighton has hit out at the Autumn Budget as anti-growth and anti-investment as sales as the supermarket giant stumbled due to an IT handover. The executive chairman said Chancellor Rachel Reeves’ Budget “didn’t do anything for anybody” and that “there’s nothing the government is doing that is stimulating growth”. Speaking to City AM [...]
Asda billionaire quits role at Vinted rival November 25, 2025 Billionaire Mohsin Issa, who co-owns supermarket giant Asda, has stepped down as a director of a second-hand fashion startup he backed. The businessman is a major investor in online platform Loopi alongside Victoria Price through Boulder Investco – a fund which supports startups in the UK. Launched in the UK in January, Loopi was co-founded [...]
Asda: KKR and TDR commit £23m to credit card firm Jaja after warning November 11, 2025 The private equity backers of Jaja Finance have contributed another £23m in equity funding after the Asda credit card firm warned on its ability to continue as a going concern, City AM can reveal. A group of existing shareholders participated in the funding in October, Jaja said, and have also vowed to commit a further [...]
Issa brothers finally repay EG Group loan used to buy private jet October 14, 2025 The Issa brothers have finally repaid the huge loan they borrowed from their own forecourt and retail empire to buy a private jet, City AM can reveal. The billionaire duo had owed as much as $41m (£31m) to EG Group via an Isle of Man-based company they controlled called Clear Sky 2, which was used [...]
Asda credit card firm Jaja Finance warns of ‘material uncertainty’ over going concern status October 7, 2025 The firm behind the Asda credit card has warned of “material uncertainty” over its ability to continue as a going concern after reporting widening losses, City AM can reveal. Jaja Finance, a fintech co-owned by billionaire Mohsin Issa and private equity firm TDR Capital, said it had “substantially advanced” but not yet completed a new [...]
Profit spikes at Asda billionaire’s property empire September 29, 2025 Profit at the property empire co-founded by a billionaire backer of supermarket giant Asda spiked to a new record in 2024, it has been revealed. Monte Blackburn was set up by brothers Mohsin and Zuber Issa in 2016 and has a number of property interests across the North West of England. The billionaire brothers, who [...]
Asda-owned Leon cuts hundreds of jobs as work from home trend bites September 17, 2025 Leon has axed hundreds of jobs as it bemoaned a “challenging” year in which it wrestled with high cost inflation and depressed customer spending. The Asda-owned fast-food chain cut its headcount by 17 per cent, or 224, to 1,120 over the course of 2024, its latest accounts show, as it sought to bear down on [...]