Asda owners shrug off £9bn debt pile and size up £8bn Subway take over March 28, 2023 The billionaire owners of supermarket Asdaare reportedly sizing up an £8bn takeover of global sandwich maker Subway. According to reports in The Sun, billionaire’s Mohsin and Zuber Issa are understood to be eyeing up the 44,000 restaurant chain. The pair, who gained their notoriety as the founders of forecourt business EG Group, already have Subway [...]
Issa brothers’ LEON to more than double number of Asda coffee kiosks November 21, 2022 LEON is to more than double its self-serve coffee kiosks in the UK over the next couple of months, as the Issa brothers’ on-the-go food operator expands. The chain, which sells healthier alternatives of fast-food and is owned by the billionaire brothers behind supermarket Asda and petrol forecourt operator EG group, is to expand its [...]
Supermarkets scramble to cut diesel pump prices amid watchdog probe June 1, 2023 Supermarkets are rushing to cut the cost of diesel after the Competition and Markets Authority (CMA) announced a probe into whether a “failure in competition” between supermarkets is leaving Brits paying more than they should be at the pumps. According to RAC analysis, major retailers have “quickened the pace” of diesel cuts, with the average [...]
Issa brothers in talks to sell petrol station empire May 1, 2022 The owners of Asda are in talks to offload their petrol forecourt business, according to a report in the Sunday Telegraph. The Blackburn-based Issa brothers have been in discussions with a Canadian shopping giant, Couche-Tard. The forecourt business has been remarkably successful for the Issa brothers and their firm, EG Group. It is said to [...]
EG Group to create 22.7k UK jobs by 2026 as Issa brothers’ food service arm swells April 21, 2022 Petrol forecourt operator EG Group has said it will create some 22,700 jobs in the UK in the next four years. The billionaire Issa brothers’ company has said it will provide some 32,000 jobs across the world over the next few years, thanks to investment in its foodservice arm. Jobs will be created across EG’s [...]
Asda slashes debt as value range sales surge November 15, 2023 Asda has reduced its debt pile from £4.2bn to £3.9bn, according to its third quarter results, thanks to “strong cash generation” at the UK supermarket. The ‘Big Four’ grocer, said that during the term like-for-like sales, excluding fuel, increased by 2.8 per cent to £5.4bn compared to the same period last year. Food like-for-like sales [...]
RAC accuses forecourts of ripping off motorists with higher fuel prices despite slump in wholesale costs January 28, 2023 One of the UK’s largest motorist organisations has accused forecourts of profiteering from fuel prices by failing to pass on a fall in wholesale costs. The RAC said costs at the pump were still much higher than wholesale costs which have fallen in the last few months. Data published today by the RAC showed that [...]
Fuel price warning if Asda forecourt mega-merger goes ahead January 23, 2023 A MOOTED merger between Asda and its owners’ separate forecourt business could lead to significantly higher fuel prices, a campaign group has warned. The billionaires – who bought Asda in 2020 for £6.8bn – are reportedly plotting to merge the supermarket chain with their forecourt business EG Group. The merger could create a new company [...]
Issa brothers mull petrol empire sale as Asda owners eye Boots bid May 2, 2022 The billionaire brothers behind the blockbuster Asda takeover are reportedly in talks to sell their petrol forecourt business for some £12.bn. Zuber and Mohsin Issa are thought to be considering a proposal for Boots, with the high street chemist’s US owners hoping for a £7bn price tag. A sale of EG Group would unlock billions [...]
Issa brothers’ EG Group sees fuel gross profit margins reduce slightly after war in Ukraine May 24, 2022 The Issa brothers’ EG Group has seen its fuel division’s gross profit margins slim slightly after Russia’s invasion of Ukraine. Across the firm’s fuel arm, gross profit hit $481m in the three months to 31 March, a 16 per cent increase compared to the first quarter of 2021. However, its gross profit margins were slightly [...]