The grocer and horse-racing fan, who formed the national supermarket chain with his late brother Fred and the late Noel Stockdale of Associated Dairies, died suddenly last Thursday.

Andy Bond, president and CEO of Asda, said: "In recent years Peter was still a familiar face in Asda House, visiting each week, having breakfast with a number of colleagues and friends, to ensure he stayed close to the business.

"Peter was a grocer to the end and our thoughts are with his daughter, Gay, son-in-law, Paul, and the rest of his family at this sad time."

He also leaves a grandson, James.

Peter and Fred – who had been involved in their family's butcher's business WR Asquith – set up their first store in Pontefract in 1958.

In 1963, they converted The Queen's theatre in Castleford into a self-service supermarket and shortly after, opened a second store near Doncaster.

They then joined forces with Mr Stockdale to form Asda – combining their surname with Associated Dairies – and opened the company's first store together in South Elmsall in 1965.

Peter retired more than 17 years ago – when he concentrated on training racehorses, including successful sprinter Celtic Mill – and became honorary life president of the company. He was also chairman of Pontefract property company Macgay Ltd.

In April 2006, when a new Asda Essentials store opened in Pontefract, Mr Asquith, said: "I've always lived within 20 miles of Pontefract, and the town is still very important to me.

"The principle and operation of a supermarket today is the same as it always has been – everything is just on a bigger scale. So long as the customer is happy, and you're happy, everything is working well."