Asda sold 24 stores and a depot for £568 million to cut debt and fight declining sales, while pushing back against a proposed business rates surtax.

Asda has raised £568 million by selling 24 stores and a depot to DTZ Investors and Blue Owl Capital, retaining operational control through 25-year lease agreements with renewal options. The move aims to reduce net debt and fund business investment amid declining sales and market share. The company, along with major UK retailers, is urging Chancellor Rachel Reeves to exempt large stores from a proposed business rates surtax on properties over £500,000, warning it could worsen food inflation. The tax, expected in the autumn Budget and effective April 2026, would disproportionately impact large retailers already bearing a significant share of business rates.