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 [...]
Petrol retailers could face fines if they fail to pass on fuel duty cuts to consumers May 19, 2022 Petrol retailers could be fined if they fail to pass on fuel duty cuts to customers, warned the Competition and Markets Authority.
Supermarkets cheapest place to go for petrol, says AA May 18, 2022 Motorists looking for minimise the pain of record petrol prices should top-up their tanks at supermarkets, reveals motoring group AA.
Morrisons rescue deal for McColl’s totalled £182m May 18, 2022 Grocer Morrisons coughed up some £182m to snap up beleaguered convenience store operator McColl’s, defeating a rival bid from Asda owners the Issa brothers. The newsagent chain’s equity value was worth around £3m earlier this month while senior creditors were owed some £160m, documents from administrators PwC revealed. While the Issa’s EG Group had offered [...]
Morrisons ups offer to bail out McColls in bid to claw chain back from Asda owning rivals May 8, 2022 Morrisons has put forward a last-minute offer to bail out McColls in a bid to claw it out the hands of its Asda owning rivals. Bradford headquartered supermarket chain Morrisons has improved its offer to buy McColls by vowing to pay its lenders immediately in full, Sky News first reported today. The improved offer comes [...]
Thousands of Asda warehouse workers back strike action over pay dispute May 5, 2022 Asda workers have voted in favour of strike action in a consultative ballot, with the GMB union saying staff were being “asked to swallow a real terms pay cut.” In a ballot of 8,000 GMB members, covering driver, warehouse and clerical roles, some 95 per cent indicated they were in support of industrial action. Staff have [...]
Supermarket sales slow over Easter as Brits start to cut back on grocery purchases May 4, 2022 Supermarket sales slowed last month as spending habits returned to normal after pandemic restrictions. Households are tightening their purse strings after the first tranche of higher bills hit budgets this spring while spending habits are also normalising after the easing of lockdown restrictions. Shoppers added slightly fewer items to their baskets over the last four [...]
Missguided: Sales documents sent to private equity firms as fashion giants circle retailer May 3, 2022 Fast fashion firm Missguided is reportedly wooing potential buyers as the retailer faces an uncertain future. According to the Daily Mail, the Manchester-based firm has recruited consultants to work on a deal, with the possibility of an agreement being inked this month. Names reportedly in the running include Asos, Shein, Mike Ashley’s Frasers Group and [...]
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 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 [...]