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PRIVACY
Retail & Consumer

Asda's sales surge as former owner Walmart handed nearly £3bn ahead of Issa brothers' takeover

The billionaire brothers partnered with TDR Capital to buy Asda

The takeover of Asda is still being considered by the CMA(Image: PA)

Asda, the supermarket owned by the Lancashire-based billionaire Issa brothers, has revealed another lockdown-charged surge in sales over the past quarter.

The company also confirmed that Walmart has taken almost £3bn worth of dividends ahead of its takeover.

The º£½ÇÊÓÆµ's third largest grocer is still awaiting approval from competition regulators to complete its £6.6bn takeover by the brothers and private equity backers TDR Capital.

The deal, which was first agreed in October, will see current owners Walmart retain a minority stake.

On Thursday, Asda filed its statutory results for 2020 which revealed that the American grocery giant withdrew significant dividends during the year.

Walmart received a dividend payment of £1.65bn in cash during the year, as well as a dividend in specie - a payment satisfied through assets - worth £1.29bn.

The confirmation came as Asda revealed a 7.3% jump in like-for-like sales, excluding fuel, for the three months to the end of March.

Roger Burnley, Asda's departing chief executive officer, said demand was boosted by the closure of non-essential retailers during the third national lockdown.