Asda is the Leeds-based supermarket group behind George and Asda Express. Its 2025 accounts identify Bellis Topco Limited in Jersey as the ultimate parent, controlled by funds managed by TDR Capital. [1][2]
01 / Behind the name
Who owns Asda?
Private equity control · funds managed by TDR Capital [1]
Intermediate companies are omitted, including Bellis Midco 4 Limited above Bellis Finco. The 2025 report describes TDR control and Mohsin Issa’s minority interest. Asda’s history page gives an older 2024 split of TDR 67.5%, Issa 22.5% and Walmart 10%; those percentages are not presented as a current register. [1][2]
Headquarters, incorporation and tax residence describe different things. A headquarters address does not tell you where all of a company’s tax is paid.
Follow the investment
Investors in Asda
Investor disclosures found
Selected investor disclosures have been found. Each names the held entity, basis and date; the complete investor register remains outside this review. Individual and family investor entries are currently hidden. A stake in a parent or operating company is shown against that entity. Dates refer to each disclosure and can differ from the profile review date. Evidence links are included with each record.
Ownership split disclosed when the transaction completed in November 2024. Later company reporting corroborates TDR control, but this dated split is not a fresh cap table. TDR manages the investing funds.
Ownership split disclosed when the transaction completed in November 2024. Later company reporting corroborates TDR control, but this dated split is not a fresh cap table. TDR manages the investing funds.
The consolidated cash-flow statement reports nil tax paid for 2025 and £22m for 2024. These are group figures; a UK-only cash amount is not isolated.
United Kingdom2025
UK corporation tax paid
Not separately disclosedCash payment
Asda group · UK only Period ending 31 Dec 2025
The reviewed consolidated statement does not separate UK cash tax from other jurisdictions. Its group nil balance is not treated as proof of a UK zero payment. [1]
Consolidated group2024
Asda consolidated tax paid
£22mCash payment
Bellis Finco PLC and consolidated subsidiaries Period ending 31 Dec 2024
Comparative cash-flow figure, page 103. This is the consolidated Asda reporting group. [1]
Consolidated group2025
Asda consolidated tax paid
£0Cash payment
Bellis Finco PLC and consolidated subsidiaries Period ending 31 Dec 2025
Page 103 reports a dash (nil) in the tax-paid row. This is a sourced consolidated zero, not a missing value. [1]
These figures have different scopes. They should not be added together or used as a like-for-like tax ranking.