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The EG Group, owned by billionaire brothers Mohsin and Zuber Issa, has announced the acquisition of all 70 Leon restaurants in a £100m deal.
The group, which recently acquired a majority stake in Asda, said the acquisition will complement EG’s existing 700 foodservice outlets in the UK and Ireland of which 310 operate from standalone premises.
Following the acquisition, the company intends to invest in the brand and open around 20 new sites per year from 2022.
Mohsin and Zuber Issa, said: “The acquisition of Leon presents EG Group with a fantastic opportunity to further develop the menu offer, the various concession formats including drive thrus.
“This acquisition aligns with our commitment to being a committed foodservice operator globally, delivers financial benefit to our underlying business, and supports broader commercial strategies to be able to better realise further growth opportunities.”
John Vincent, CEO, Leon, added: “Mohsin and Zuber will not just be superb custodians of the Leon brand, through EG Group they have the vision, investment appetite, foodservice expertise and network scale to take Leon to many more people and places.
“We have tried hard, done some good things, made a healthy amount of mistakes, and built a business that quite a few people are kind enough to say that they love.”
