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Nigel TAYLOR Published
December 20, 2025
Long-standing questions over just how indebted Asda is have been answered — very.
The UK value supermarket, which owns key value-focused brand George (one of the country’s biggest clothing and homewares labels), currently carries around £4.2 billion of debt on its balance sheet. Interest on the debt pile alone will climb to £426 million by February as current higher interest rates heap pressure on the private equity-owned business.
That’s what Michael Gleeson, Asda’s chief financial officer, has told the government’s Business & Trade Committee. He admitted the company’s debt interest bill would rise by as much as £30 million in February when £500 million of loans switch from a fixed to a floating interest rate.
Those borrowings are part of the debts taken on by the new owners to finance the acquisition of Asda in 2025. Brothers Mohsin and Zuber Issa bought the retailer in a highly-leveraged £6.8 billion takeover in a joint deal with the private equity firm TDR.
Gleeson appeared before the committee beside Mohsin to answer questions about the company’s finances and the role of private equity in the supermarket sector. MPs fear the high levels of borrowing will prevent grocers from passing on falling prices to customers.
Issa said there were “no gaps” in Asda’s finances and insisted the supermarket could cover its debts. He told MPs: “What I would say is that the debt leverage at the start of the year was at 4.2 times, that has gone down to 3.8 times and that trajectory is to go down even further by the end of this year.
“At the same time, we are investing in colleague pay, customer pricing and loyalty. The business is highly cash generative.”