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PRIVACY
Retail & Consumer

Petrol forecourt tycoons in 鈥榩ole position鈥� to take over Asda

Euro Garages was founded in 2001 with the acquisition of a single petrol filling station in Bury, Greater Manchester

A consortium led by petrol forecourt giant EG Group is in pole position to take over Asda, Sky News has reported.

The Blackburn headquartered group, founded by brothers Mohsin and Zuber Issa, working with London-based private equity firm TDR Capital, has been selected by the American retail giant Walmart as the preferred bidder for Asda.

The takeover of Asda will value the supermarket chain at more than £6.5bn, Sky News said, while the sale of a controlling stake in Asda would see Walmart return to majority British ownership for the first time since 1999.

The news comes after a proposed merger between Sainsbury’s and Asda, which was blocked by the competitions watchdog in April 2019.

Euro Garages was founded in 2001 with the acquisition of a single petrol filling station in Bury, Greater Manchester, its website states.

In March, EG Group Petrol announced it had ramped up its ambitious growth plans following a series of acquisitions - including of 146 KFC restaurants and one Pizza Hut store.

EG Group now operates over 1,500 food-to-go retail concessions across ten international markets including the 海角视频, Ireland, France, Belgium, The Netherlands, Luxembourg, Italy, Germany, US and Australia.