The food supply chain is shown to be a massive beneficiary of price inflation in Britain, money that’s flowing as large climate-action investments are needed.
This revenue boost is important because the sector is a big emitter of GHG and must find ways to increase spending on emission cuts — and to boost carbon sinks by enhancing the soil’s ability to absorb co2, for example.
In the UK, the ASDA supermarket chain boosted prices the most, according to the Mirror newspaper story linked above.
It’s interesting that all prices jumped so much…about double peak inflation. This hurts vulnerable customers most.
Let’s follow the money a little on Asda to see who’s benefitting. Will they use the windfall to boost climate-action spending?
Asda is owned by EG group, which has an interesting corporate story.
In October 2020, EG’s owners won a deal to buy the supermarket chain Asda from Walmart for £6.8 billion, bringing it back into British hands after more than 20 years. Questions were raised after its auditor, Deloitte, “suddenly quit” to be replaced by KPMG. However, the group indicated there were no auditing disagreements. This acquistion would mean EG Group would work with Asda to create ‘Asda on the Move’.
In May 2021, EG Group bought Leon Restaurants for a reported £100 million.
In October 2021, EG Group bought Cooplands, the UK’s second-largest bakery operating mainly in North East England and Yorkshire.
EG is 50% owned by private equity group TDR.
Asda key people, details and TDR snips from Wikipedia: