Expanded earnings at the £1bn business empire of Sale Sharks' owner experienced a nearly 3-fold increase prior to the acquisition
In the realm of business, 2024 has been a year of mixed fortunes for some of the UK's leading companies. Let's take a look at the significant changes and developments at supermarket giant Asda, investment firm TDR Capital, fitness chain David Lloyd, and construction company William Hare.
Asda's Sales Soar but Revenue Dips
Asda, one of the UK's largest supermarkets, reported a notable increase in total sales, exceeding £1bn from 2023 to 2024. However, the company's revenue excluding fuel saw a slight decrease, falling from £21.9bn to £21.7bn over the same period.
TDR Capital's Expanding Portfolio
TDR Capital, the majority owner of Asda, has been making strategic moves beyond the supermarket sector. The investment firm has interests in companies like David Lloyd and Jollyes, demonstrating its diversified approach.
CorpAcq: A New Majority Owner and Acquisitions
CorpAcq, a Cheshire-based group with over 40 businesses in its portfolio, has seen a change in its majority ownership. TDR Capital agreed to acquire a stake in CorpAcq in January 2025. Notably, CorpAcq bought a majority stake in William Hare, the UK's second-largest steel contractor, a few months ago.
William Hare's Impressive Projects
William Hare, with roots dating back to 1888, has a rich history of construction. The company has worked on notable projects such as Media City in Salford, the headquarters of Aldar in Abu Dhabi, and the Bloomberg building in the City of London.
David Lloyd's Financial Journey
David Lloyd, the fitness chain, has experienced a tumultuous financial year. After posting a pre-tax loss of £13.3m for the year to 26 May, 2024, the company made a pre-tax profit of £32.2m in 2024, marking the first profit since being acquired by TDR Capital in 2023. However, since TDR Capital's acquisition, the chain has racked up pre-tax losses of around £600m.
CorpAcq's Financial Performance
CorpAcq's financial performance in 2024 saw a significant increase in revenue, rising from £696.2m to £769.8m. Despite this growth, the company reported a pre-tax loss of £33.8m, an increase from £11.4m in the previous year. This increase was largely due to £14.7m of non-core professional fees related to a takeover and £6.2m in share-based compensation.
TDR Capital's Sale of David Lloyd
In an unexpected move, TDR Capital sold David Lloyd back to itself, a decision that could signal a new direction for the fitness chain.
The accounts for David Lloyd were filed with Companies House in March, revealing the chain's financial journey over the past year. Meanwhile, the new majority owner of CorpAcq, which also holds the Sale Sharks rugby union team, remains unnamed, but a significant corporate association was marked with the team's multi-year sponsorship deal in September 2025.
As we move into the next year, these companies continue to shape the UK's business landscape, with their growth, challenges, and strategic decisions serving as a testament to the dynamic nature of the industry.
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