Zuber Issa has completed on the purchase of the remaining 34 UK forecourts and certain foodservice locations of EG Group, the business which he set up with his brother Mohsin 23 years ago.
At the same time, as previously announced, Zuber has stepped down from his executive leadership role at EG Group, becoming a non-executive director.
Mohsin, working closely with senior management, will lead the group, which has international interests in convenience retail, foodservice and fuel stations, in Continental Europe the USA and Australia.
The proceeds of the £228 million transaction will be used to repay debt.
The long-awaited move enables Zuber to focus on returning to his entrepreneurial roots, having set up his first forecourt with Mohsin in Bury, Lancashire in 2001.
Zuber is setting about leading and growing a new UK petrol forecourt, convenience retail, and foodservice business, under the EG on the Move brand.
In recent months he has been opening a series of impressive new build forecourts, reaching a network of 42 petrol filling stations in September, including the 34 sites he has officially now acquired.
The latest deal was funded by Zuber selling his stake in Asda. It follows EG Group selling over 350 petrol forecourts to Asda last summer.
Mohsin has stepped down from running Asda, which he co-owns with TDR Capital, and Walmart.
