The Issa brothers, who recently acquired Walmart’s stake in Asda are looking to sell clothing business, George for £3bn.
Although no official announcement has been made, observers see a sale of George as a way to raise money to reduce any debt taken on in Asda’s purchase and industry sources also announced that the possible sale is one of a number of strategies for the supermarket to raise funds. In contrasting views, a number of other sources said that the splitting off the clothing business was ‘not being contemplated’.
Zuber and Mohsin Issa in conjunction with equity firm, TDR Capital, purchased control of the company from Walmart earlier this month, however the deal of £6.7bn hasn’t yet been completed.
