EG Group shifted over £3 billion internally to settle debts in the US in the months leading up to the sale of its UK operations to Asda, the Standard understands.
In late January, the firm’s holding company bought shares in its financing subsidiary, EG Finco, in exchange for a £3.03 billion loan, filings released last month show. The following day, Finco declared a dividend to its parent company for the same sum, which it used to invest in its American subsidiary, thereby releasing it from its debt obligations.
