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The Latest Breaking News from EG Group

Asda pays the price for big debt and turmoil in the boardroom

With its shelves emptying and its billionaire owners in retreat, the struggling retailer has had to call in its veteran chair as chief executive

The Guardian - UK

Former M&S boss Stuart Rose to run struggling Asda as co-owner steps back

Lord Rose is chair of supermarket and will take over day-to-day duties from Mohsin Issa

The Guardian - UK

Asda-owning Issa brothers divide their empire as Zuber sells supermarket stake

Union warns of risks to shoppers and staff after sale of younger brother’s 22.5% stake to private equity co-owner TDR Capital

The Guardian - UK

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Issa brothers net worth: Are the Asda owning duo really billionaires?

According to the Sunday Times Rich List, Mohsin and Zuber Issa are worth £5 billion, but Bloomberg gives a much lower wealth estimate

Evening Standard

Zuber Issa to acquire UK arm of EG Group by the end of June

The deal is the latest sign in an apparent rift between the billionaire Issa brothers, who also own Asda

Evening Standard

Greggs to deepen ties with Issa brothers-owned franchisees Asda and EG Group amid major store expansion

Greggs is poised to deepen ties with its biggest franchise partners after Britain’s best-known baker said it planned to open dozens more sites in key transport locations such as rail and petrol stations.

Evening Standard

Billionaire Issa brother nears deal to sell Asda stake to TDR Capital

Zuber Issa began talks earlier this year about selling his stake in Asda, and plans to step back as co-chief executive officer of EG Group

Evening Standard

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Tesla V4 Superchargers Are Now Being Deployed By Other Charging Networks

The first Tesla DC fast chargers started to appear on third-party charging networks, as Tesla expanded its business to become a hardware provider.

InsideEVs

Asda owners used petrol forecourt firm to repay private jet loans

Billionaire Issa brothers borrowed $7m from EG Group in 2022 to repay debt taken on to buy jets

The Guardian - UK

Issa brother ‘eyes sale’ of Asda stake to focus on petrol station business

Zuber Issa reportedly in talks to offload 22.5% share of supermarket in parting of ways with co-owner brother

The Guardian - UK

Leon sales jump in 2022 as auditor KPMG resigns

Leon sales jumped by more than 50% to top £80 million in 2022 as the healthy fast-food chain rebounded from a slump in demand amid pandemic store closures.

Evening Standard

Tesla's latest Supercharger move could solve a major headache for EV owners

Tesla announces it will sell its ultra-fast chargers to EG Group UK to massively expand the public charging network here and in Europe.

TechRadar

EG Group To Use Tesla's EV Chargers In Europe

EG Group, a British operator of fuel stations, announced today that will acquire Tesla's electric vehicle ultra-fast chargers for its evpoint business.

InsideEVs

Report pokes holes in fuel company plans for net zero

An analysis of net-zero plans released by petrol companies have questioned their green claims, including their reliance on 'dirty' hydrogen and carbon offsets.

AAP

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Evening Standard

Issa brothers complete EG Group UK sale to Asda at a discount amid $500 million debt refinancing

Proceeds from the deal will be used to partially refinance EG Group's debt

Evening Standard

Asda issues £2.1 billion dividend as profits plunge 80% in year after Issa brothers takeover

Asda declared a £2.1 billion dividend the year after being bought by the billionaire Issa brothers, accounts published today show, as the pair sought to juggle debts around their sprawling retail and petrol forecourt empire.

Evening Standard

EG Group sales slide as billionaire Issa brothers work to slash debt

The retail conglomerate said it had successully extended its loans

The Guardian - UK

Bumpy ride for billionaire brothers who banked on Asda’s success

Blackburn’s Moshin and Zuber Issa took over the supermarket promising investment to make it the UK’s second-largest chain, but the pandemic and cost of living crisis meant it did not go to to plan

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Evening Standard

Billionaire Issa brothers sell dozens of stores to bring down EG Group debts

The billionaire Issa brothers have sold scores of convenience stores in the US in the latest step on their bid to bring down debts.

Daily Mirror

Bakery chain Cooplands closes nine shops across country - full list of stores being shut

Cooplands is the largest family-owned bakery in the UK with more than 200 outlets across the country, but it was bought by EG Group in 2021 and it is making changes

Birmingham Post

Profits fall at billionaire Issa brothers' EG Group ahead of £2.3bn Asda deal

The figures come after a deal worth more than £2bn which will see Asda acquire the majority of EG Group's UK and Ireland operations was confirmed at the end of May

Evening Standard

Issa brothers’ EG Group launches huge $6.1 billion debt refinancing deal as loan deadlines loom

The firm said it expected to reduce total net debt down from $9.8 billion in March

Evening Standard

Issa brothers’ EG Group shifted £3 billion in debt prior to Asda merger, filings show

EG Group shifted over £3 billion internally to settle debts in the US in the months leading up to the sale of its UK operations to Asda, the Standard understands.

Birmingham Post

Asda's £611m deal to buy the Co-op's petrol station business cleared

Asda announced this week a new deal worth over £2bn to acquire the majority of EG Group's UK and Ireland operations

Insider UK

‘No price hikes’ in supermarket as Asda buys petrol station operator for £2.2 billion

Both sides of the deal claim it is not driven by the need to offload a large debt pile

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