The private equity owners of British retailer Asda gave MPs evidence without disclosing they had already left the company’s board, says GMB Union.
Gary Lindsay, Managing Director of TDR Capital, the private equity firm which co-owns Asda, appeared before the Business and Trade Select Committee on Tuesday 9th January.
However, Mr Lindsay and TDR Founder Manjit Dale had already resigned from all three of Asda’s company boards but declined to inform the MPs who make up the committee, as the following Companies House records now show:
Companies House 'Filing History' and 'Officers' records for: ASDA Stores Limited (00464777) at https://find-and-update.company-information.service.gov.uk/company/00464777 published 10th January 2024. .
GMB Union has written to inform Liam Byrne, the select committee chair, of this development.
Asda is co-owned by private equity firm TDR Capital.
Nadine Houghton, GMB National Officer, says:
“These undisclosed resignations raise serious questions about the accuracy of TDR’s evidence to the select committee.
“Witnesses giving evidence to a parliamentary committee about a company, without disclosing that they are no longer board members of that company, is unacceptable.
“GMB has always said the shadowy, back-room nature of private equity prevents proper scrutiny and transparency.
For TDR to not raise this development with MPs further proves that point.”
GMB Union Letter to Liam Byrne
