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Retail & Consumer

EG Group attracts 'high-quality investors'

"We are delighted that our shareholders have been able to attract high-quality investors; that demonstrates confidence in them and their ability to generate stakeholder value"

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Retail & Consumer

By

Isabel FinchBusiness Reporter

10:20, 13 NOV 2020

Zuber and Mohsin Issa

EG Group, the Blackburn petrol forecourt giant set to buy Asda, has attracted “high-quality investors”.

The group, led by billionaire brothers Mohsin and Zuber Issa, confirmed the move after it was selling a stake in its holding company to a group of blue-chip global investors, in a deal that would value EG at more than £15.1bn.

In a statement, an EG Group spokesperson said: “We are delighted that our shareholders have been able to attract high-quality investors; that demonstrates confidence in them and their ability to generate stakeholder value.

“The investment will not result in any change to the ownership of EG Group, proceeds will not be for use by EG Group, and will have no effect on our business.

“Given that the investment is a private matter for our shareholders, we are not able to comment further.”

Mohsin and Zuber Issa built their fortune from a single petrol filling station in Bury, Greater Manchester.

The company – headquartered in a new £35m building off Blackburn’s Haslingden Road – merged with private equity firm TDR Capital’s European Forecourt Retail Group in 2016 to create the EG Group as it moved into Europe and the US.

Last month US retail giant Walmart confirmed its supermarket chain Asda was to be sold to the brothers in a deal worth £6.8bn.

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