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Zuber Issa is set to acquire the UK arm of EG Group showing further signs of the Issa brothers business interests diverging.
The deal excludes the Cooplands bakery, some Starbucks stores, and EG’s electric vehicle charging business Evpoint and is set to be finalised by the end of June.
The deal is the latest move in the separation of the Issa brothers and Zuber is also understood to be seeking to sell his stake in Asda to private equity business TDR Capital.
EG Group stated: “We are currently engaged in active discussions with Zuber Issa and his advisers regarding the sale of the retained UK business…with a view to announcing a binding agreement in the second quarter of 2024.”
This news comes after recently filed accounts showed that the Group returned to profitability in 2023 following its £2bn deal to sell 350 petrol stations and more than 1,000 food-to-go sites to Asda.
However, with the Asda deal removed from the figures, the company made a pre-tax loss of £98.3m.
Lord Stuart Rose, EG Group chairman said: “Despite challenging macroeconomic conditions and ongoing geopolitical uncertainty, EG continues to play an important role in the global delivery of convenience retail, foodservice and fuel to our millions of customers.”
