TDR representatives at select committee had resigned from the board – and didn’t tell MPs

Private equity owners of Asda gave MPs evidence without telling them they had already left the company’s board.

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 [9 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 Companies House records now show. [1]

GMB Union has today [Thursday] written to Liam Byrne, the select committee chair, raising this development.

Asda is co-owned by private equity firm TDR Capital.

Nadine Houghton, GMB National Officer, said:

“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.”