Asda co-owner Mohsin Issa is set to hand over the running of the supermarket as part of a revamp of the chain.

Speaking to the BBC in his first interview, Issa explained he was carrying out a “reset” of the retailer before hiring a new CEO.

He explained he was “getting to a point” where he could step aside and hire a chief executive to lead the grocer.

The billionaire assured he was “here for the long haul” despite Asda’s £5bn worth of debts, and dismissed rumours of a fall out with his brother, Zuber.

Dismissing questions that EG Group has overextended itself, he claimed the debt was sustainable and that 90% of it had been fixed.

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Issa said Asda made so much cash that “even if our interest payments were to double Asda has more than sufficient headroom to service that”.

He added: “We’re in a transition period where we’re evolving, but also we’re investing significantly. Market share will fluctuate over a period of time.

“We feel we’re doing the long term investment that will help us regain some of that market.”

The interview comes as Asda faces a series of strikes at its supermarkets over problems including cuts in hours and health and safety issues.

Earlier this week, it was revealed the chain was facing a strike vote at its fifth supermarket, as members of the GMB union at its Lowestoft store are set to be balloted.

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