Zuber Issa’s acquisition of EG Group’s remaining 34 UK forecourts is due to complete next month, it was announced today.
The deal, which will include standalone foodservice locations, forms part of Zuber’s ambitions to build a new petrol forecourt, convenience retail and foodservice empire in the UK under the EG On The Move brand.
All relevant approvals for the UK transaction have now been received and the group is progressing to a completion expected on October 31, 2024.
On completion, Zuber will step down from his role as co-chief executive of EG Group, the Blackburn-based business he set up with his older brother Mohsin 23 years ago. Zuber will remain on the board as a non-executive director of the international petrol forecourt business which has interests in Continental Europe, the USA and Australia.
The EG Group, which will have no UK interests, will be led by Mohsin as sole chief executive. He has stepped down from running Asda, which he co-owns with TDR Capital, and Walmart.
The £228 million deal, which follows Zuber selling his stake in Asda to buy the UK forecourts, was originally announced in June this year. Since then Zuber has been building his UK forecourt network to 42 sites, including the 34 he will complete on next month, as well as his new to industry sites.
The latest deal follows EG Group selling over 350 petrol forecourts to Asda last summer, and allows Zuber to return to his forecourt retailing roots, having opened his first petrol station with Mohsin in Bury, Lancashire in 2001.
Zuber Issa says: “Mohsin and I have realised and surpassed our own expectations and the Group is a UK success story on a global stage. We pioneered the convenience retail and foodservice model at the roadside and now EG has an extensive global network spanning nine international markets across the UK, Continental Europe, US and Australia with more than 5,500 sites and employing about 38,000 colleagues. Our business represents the very best standards and customer experience of leading retail brands in fuel, foodservice, grocery and merchandise. I am very proud of what we have built together and look forward to being part of the Group’s continued success.”
Mohsin adds: “This is a very exciting time for EG Group and the wider sector. I am delighted to return to lead EG Group where there are many opportunities. I would like to also pay tribute to Zuber’s effective leadership, incredible contribution, dedication and commitment to EG Group. We embarked on this exciting enterprise journey together knowing no boundaries, moving from one site in Bury to the world class global convenience business that it is today. I look forward to continuing to work with my brother and receiving his strategic counsel as a fellow shareholder and board member on the EG Group Board.”
