Supermarket chain Asda is selling 24 of its stores and will rent them back as it struggles with its debt mound.

There will be no change to the shops, nor its Lutterworth depot, which has also been sold with a leaseback agreement, Asda said.

But the GMB union has criticised the move as "asset stripping" by the private equity-owned chain and said staff morale is being hurt.

Money blog: Market town with 12,000 residents Britain's least affordable

Private equity firms acquire businesses, invest to improve their financial performance and seek to then sell them for a profit.

The GMB's national officer Nadine Houghton said, "Debt is up, lease liabilities are up, interest payments are up - but market share and staff morale are rock bottom."

"GMB members working on the shop floor and in distr

See Full Page