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Supermarkets

Asda

Profile reviewed

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]

  1. 01
    UK operating subsidiary

    Asda Stores Limited [1]

    As reported · 31 Dec 2025
  2. 02
    Consolidated reporting parent for Asda

    Bellis Finco PLC [1]

    As reported · 31 Dec 2025
  3. 03
    Ultimate parent · controlled by TDR-managed funds

    Bellis Topco Limited [1]

    As reported · 31 Dec 2025

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]

02 / On the map

Where is it based?

Ultimate parent
Bellis Topco Limited [1]
Group headquarters
Leeds (Asda operating group), United Kingdom [1]
Parent incorporated in
Jersey [1]

Headquarters, incorporation and tax residence describe different things. A headquarters address does not tell you where all of a company’s tax is paid.

03 / The figures, with context

What does it report in UK tax?

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.

Understand the measures

04 / Check our working

The public record.

Primary sources used in this profile. Company disclosures are attributed to the company; inclusion is not an independent audit.

  1. 01
    Bellis Finco PLC: Annual Report and Consolidated Financial Statements 2025 (opens in a new tab)

    Bellis Finco PLC / Asda · Pages 4 (business, headquarters, ownership), 103 (cash flow), 195 (note 29: parent), 200–202 (subsidiaries)

    Accessed 26 Sept 2026
  2. 02
    Our History (opens in a new tab)

    Asda · 2023: Asda Express; 2024: historical ownership percentages following the October transaction

    Accessed 26 Sept 2026
Explore more companies Research is ongoing. Figures and ownership can change.