Asda co-owner claims value of stake has risen 20-fold as it readies Boots bid

London-based TDR Capital says investment in grocer is now worth 1.4bn on paper

Asda's private equity owner has claimed the value of its investment in the supermarket chain has soared by nearly 20 times as it gears up for a potential bid for the pharmacy chain Boots.

The London-based TDR Capital said its stake as co-owner of the grocer was now worth 1.7bn (1.4bn) on paper, or 19.8 times its original investment, indicating that the finance group put in just over 70m of fresh cash to back the deal, according to documents seen by the Financial Times.