Zuber Issa sells Asda stake and buys EG's forecourts business

By Tim Aldred

07 Jun 2024

Zuber Issa

Blackburn-based entrepreneur Zuber Issa has sold his stake in supermarket giant Asda and acquired the forecourt division of the EG Group, the company he co-founded with brother Mohsin in 2021.

Zuber's share in Asda has been purchased by existing investor TDR Capital, increasing its holding to 67.5 per cent. Mohsin retains his 22.5 per cent share and Walmart holds the remaining 10 per cent.

At a price of £228m, Zuber has acquired the petrol forecourts business on which the EG Group's tremendous success has been built, alongside a number of standalone foodservice locations. He steps down as co-CEO of the group, but retains his shareholding and will serve as a non-executive director.

The EG Group, headed by Mohsin as sole CEO, will now focus on its convenience food shops which now span three continents: North America, Europe and Australia. EG Group is the third-largest independent convenience retail chain globally, the fifth in the US, and second in Continental Europe and Australia.

The business will maintain a presence in the UK through Cooplands, its wholly-owned bakery business, the group’s rapidly growing charging business, evpoint, and its Starbucks franchise business.

Zuber said: "Since Mohsin and I, alongside TDR, took ownership of Asda, we have driven a period of significant investment and entrepreneurial growth activity. Notably, Asda acquired a market-leading UK convenience retail and foodservice store business from EG Group.

"With the divestment of my Asda shares, I will now turn my attention towards leading and managing the remaining EG UK forecourt sites that I have personally acquired, and spend more time on my charitable endeavours. I am pleased to see TDR increasing its investment in Asda. With Mohsin and TDR’s ongoing focus and shareholding, I am confident that Asda will achieve its growth ambitions."

Lord Stuart Rose, chairman of EG Group, said: “On behalf of the Board of EG Group, I would like to thank Zuber for his incredible leadership, which has been central to building one of the largest and most entrepreneurial private companies in the UK.

"EG Group is a UK success story on the global stage that has created significant opportunities for people in Blackburn and other local communities in the group’s international markets – and pioneered the foodservice model at the roadside. With Mohsin remaining as sole CEO, the business is in the right hands and well-placed for further success."

Mohsin added: "I want to add my personal support and best wishes for Zuber’s plans as we continue our successful family partnership, working as partners on our personal co-investments, family office philanthropy and Issa Foundation projects."

Both deals are expected to complete in the second half of 2024. Asda is seeking a new CEO and EG Group has appointed Russell Colaco as group chief financial officer, succeeding Michael Bradley who has decided to step down to pursue other opportunities.

Enjoyed this? Read more from Tim Aldred

Latest news

1

Grant Thornton advises RJ Power Networks on sale to Ipsum Jamie Roberts

Grant Thornton advises RJ Power Networks on sale to Ipsum

04 Jul 2025

2

College principal resigns Karen Buchanan

College principal resigns

04 Jul 2025

3

Beever and Struthers advise on £1.5bn funding for 2,000 new social homes a year John Jones

Beever and Struthers advise on £1.5bn funding for 2,000 new social homes a year

03 Jul 2025

4

Airframe Designs aligns with US programme for additive manufacturing growth Additive manufacturing technology unit At Airframe Designs

Airframe Designs aligns with US programme for additive manufacturing growth

03 Jul 2025

5

Panache Cruises on course for further growth with support from Rosebud James Cole

Panache Cruises on course for further growth with support from Rosebud

03 Jul 2025

Background image for hub sign up block

LBV Hub

Leverage Lancashire Business View platforms

Post your news
Post your events
Post your offers
Build your network
Improve your SEO
Gain coverage in the magazine
Sign-up
Events
LBV123 July/August Launch Event
Lancashire Business View magazine launch
Networking
16 Jul 2025

LBV123 July/August Launch Event

Burnley

08:30 - 10:30

Lancashire Built Environment Conference 2025
BEC 315 X 315 Px
Networking
25 Sep 2025

Lancashire Built Environment Conference 2025

Blackpool Football Club, Blackpool, FY1 6HX

08:30 - 13:00

CMI Level 5 Management and Leadership Course
UCLanAerialCampus.jpg.jpg
LBV Hub Seminars
21 Feb 2025 - 21 Feb 2026

CMI Level 5 Management and Leadership Course

Preston Campus, Preston , PR1 2HE

09:00 - 17:00

CMI Level 5 Project Management Course
UCLanAerialCampus.jpg.jpg
LBV Hub Seminars
21 Feb 2025 - 21 Feb 2026

CMI Level 5 Project Management Course

Preston Campus, Preston, PR1 2HE

08:00 - 17:00

The Marketing Metrics that Matter – July 4
LBV Hub Seminars
04 Jul 2025 - 04 Jul 2025

The Marketing Metrics that Matter – July 4

Door4 Office, Burnley Wharf, Burnley, BB11 1JG

08:30 - 11:00

Tri-Site Survey Equipment Showcase
unnamed (2).jpg.jpg
LBV Hub Seminars
09 Jul 2025 - 09 Jul 2025

Tri-Site Survey Equipment Showcase

Crow Wood Hotel, Burnley, BB12 0RT

09:30 - 16:00

Blackburn Cathedral hosts Champagne and Diamonds Event with Ainsworth Jewellers
Champagne-Jewellery 10 07 25_page-0001.jpg.jpg
LBV Hub Awards
10 Jul 2025 - 10 Jul 2025

Blackburn Cathedral hosts Champagne and Diamonds Event with Ainsworth Jewellers

Blackburn Cathedral, Blackburn, BB1 5AA

18:00 - 20:30

Choose Chorley for Business - Talent Reimagined Business Breakfast
talentreimaginedbb.png.png
LBV Hub Seminars
10 Jul 2025 - 10 Jul 2025

Choose Chorley for Business - Talent Reimagined Business Breakfast

Strawberry Fields Digital Hub, Chorley, PR71PS

08:00 - 10:30

Shaping Preston's future by remembering its past
1750160034867.png.png
LBV Hub Networking
16 Jul 2025 - 16 Jul 2025

Shaping Preston's future by remembering its past

Society1, Coworking Space, Preston, PR1 3LT

18:00 - 20:30

Chamber Summer BBQ
LBV Hub Social
17 Jul 2025 - 17 Jul 2025

Chamber Summer BBQ

The Borough, Dalton Square, Lancaster, LA1 1PP

17:30 - 20:00

Preston Tech Connection: Web3 is Dead. Or is It?
July Longer Banner.jpg.jpg
LBV Hub Networking
29 Jul 2025 - 29 Jul 2025

Preston Tech Connection: Web3 is Dead. Or is It?

Society1, Coworking Space, Preston, PR1 3LT

18:00 - 19:30

Preston Freelancer Meet-Up: July
Longer July Banner.jpg.jpg
LBV Hub Networking
31 Jul 2025 - 31 Jul 2025

Preston Freelancer Meet-Up: July

Society1, Coworking Space, Preston, PR1 3LT

10:00 - 11:30

Advertise with us

Reaching 50,000 members, our print, digital and event platforms offer a fantastic way to raise your business profile and help you grow.

Find out more LBV122 Online Graphic
Subscribe now

Weekly news bulletin