Zuber Issa exits Asda, quits as EG Group Co-CEO
Published on: Jun 7, 2024
The brothers have ended their partnership with the sale of EG’s UK forecourt business to its co-founder while Mohsin will continue as sole CEO.
EG Group has confirmed that it has agreed to sell its remaining UK forecourt business and certain standalone foodservice locations for a headline consideration of £228m to co-founder Zuber Issa.
On completion of the transaction, Zuber will step down as Co-CEO of EG Group, with Mohsin Issa continuing to lead the business as sole CEO. Zuber will retain his existing shareholding in the company and remain on the Board as a Non-Executive Director.
“We have had an amazing journey together building EG Group over the last 20 years and we look forward to continuing to work closely together as fellow Board members and shareholders in EG Group. The company is well positioned for future growth and success, with a strong international portfolio and a growing EV business,” stated both Issa brothers.
EG Group will use the proceeds from the divestment of its remaining UK forecourt business to repay debt, further strengthening its balance sheet following the significant deleveraging and refinancing activity last year.
The business will maintain a presence in the UK through Cooplands, its wholly-owned bakery business, the Group’s growing charging business, evpoint, and its Starbucks franchise business.
Zuber and Mohsin co-founded EG Group in 2001 and under their leadership, the business has grown from a single site in the north of England to a global company with more than 5,500 locations across three continents – North America, Europe and Australia.
