Mohsin Issa, co-owner of Asda, said he plans to hand over the running of the UK’s third-biggest supermarket after carrying out a “reset” of the business.

In his first broadcast interview with the BBC, Issa said he plans to appoint a chief executive for the supermarket chain.

Despite Asda’s £5bn debt pile, Issa said he was “here for the long haul” as he refuted claims of a rift between him and his brother and co-owner Zuber Issa, adding that the pair get on “exceptionally well”.

Speaking about Asda’s debt and the company’s ability to pay off loans amid high-interest rates and falling market share, Mohsin Issa said the grocer generated so much cash that “even if our interest payments were to double, Asda has more than sufficient headroom to service that”.

He added: “It is challenging. If you get up and if you’re not challenged then I suppose you shouldn’t be doing your job.

“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.”

Last week, Asda invested a record £150m in staff pay, which it said makes it the highest-paying supermarket in the UK by base rate.

The grocer is set to increase its hourly base rate of pay by 8.4% to £12.04 for employees across the UK, with employees based within the M25 seeing pay boosted to £13.21. 

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