EG Group sets off on $9bn flotation journey

Formal plans for the flotation of EG Group – the petrol forecourt giant founded by Blackburn brothers Mohsin and Zuber Issa – are set to get underway this week, according to reports.

EG Group, about 25 per cent of which is owned by each of the brothers, will hold a ‘beauty parade’ of banks in London ahead of a $9bn (£6.7bn) US stock market listing, according to Sky News.

The much-anticipated flotation is expected to take place this year. Banking sources have told Sky that Barclays, Bank of America, Goldman Sachs, JP Morgan and Morgan Stanley are all likely to take part in next week's selection process.

EG Group, created in Blackburn by the billionaire brothers, has become one of the world's largest fuel retailing multinationals, expanding its foodservice offering and generating significant profits.

It may choose to list in New York under the name Cumberland Farms, according to the report.

EG Group is roughly 50 per cent-owned by TDR Capital, the London-based private equity firm which also owns a controlling stake in supermarket group Asda.

At the end of last year Lancashire Business Review reported that EG was poised to quit its Blackburn headquarters for America as part of its “continued transition to a US-managed organisation.”

As part of that transition its group headquarters will be relocated to Charlotte in North Carolina where key financial, legal and other corporate personnel will be based.

In parallel with that work, the group’s European Share Service Centre is also being moved down the A666 to Bolton.

The bombshell moves, which the business says will “drive its next phase of growth”, were revealed in a trading update for the second quarter of 2025.

The brothers’ business empire began back in 2001 when they bought a run-down petrol station close to Bury town centre. EG Group’s current Waterside headquarters opened in 2020 and cost £35m to build.

In its statement it said the move to Bolton would retain its North West roots “while ensuring its office footprint reflects EG Group’s reduced presence in the UK and Europe.”

The focus on the US was also highlighted with recent top-level appointments. New group chief finance officer Mark Segal has 35 years’ experience at leading public and private companies in North America.

New independent non-executive director Steve Desutter is a former chief executive of a major convenience store change in the southwestern US.

And the group is now led by New York City-based Russ Colaco, who took over the role of chief executive from Mohsin in April last year.

Zuber and Mohsin both remain non-exec directors and shareholders in the business. EG Group’s US sites are reported to be worth more than £3.7bn.

In total, EG Group employs about 33,000 people and operates roughly 4,300 sites.

EG also announced exits from two of its global operations in late 2025 as part of its work to cut debt and refocus on core markets.

The group revealed a deal worth £580m to sell its Australian business to fuel retailer Ampol. Just days earlier it announced the £360m sale of its Italian operations to a consortium of local companies.

It said the sales were in keeping with its strategy to develop its core market operations, strengthen its balance sheet and reduce leverage.

Commenting on the Australian deal EG Group chief executive Russ Colaco said: “This transaction is a significant milestone in our ongoing efforts to streamline EG Group’s global portfolio and sharpen our focus on the markets where we see the largest growth opportunities.

“We remain fully focused on executing our strategy and building a platform for further growth, with our world-class grocery and merchandise, foodservice and fuel retail proposition.”

Zuber acquired the forecourt division of EG Group in a £228m deal last June, renaming it ‘EG On The Move’ and has spoken of his desire to “create a retail powerhouse” in the independent petrol forecourt sector. The business is also based in at Waterside and is set to remain headquartered in Blackburn.