The Issa brothers have pledged to invest £100 million in cutting prices at Asda and follows after their takeover of the supermarket earlier this year.
The investment plan could see prices drop on a range of items including desserts and baking products, comes as an effort to lower prices at Asda in order to battle competitors such as German supermarket firms Aldi and Lidl and as part of a proposed £1 billion investment in the business over the next three years.
In a joint statement, Zuber and Mohsin Issa said, “Looking ahead, and subject to the required regulatory approvals, we look forward to working with our Asda colleagues to build an even stronger, more differentiated retailer, including through the investment of more than £1 billion in the next three years to further strengthen the business and its supply chain.
“We are also excited about the proposed integration of the Asda forecourts into EG’s established UK operations, which we believe would underpin the future growth of the combined network.”
Asda is one of the UK’s biggest employers, with more than 146,000 workers and more than 600 supermarkets, standalone petrol stations and Asda Living homewares stores.
