Billionaire Issa brothers snap up fast food chain Leon
The billionaire brothers behind Asda have snapped up British fast food chain Leon in a deal worth a reported £100m.
Mohsin and Zuber Issa, who have agreed a £6.8bn deal to buy Asda, are now swooping on the London-based food chain through their petrol station empire EG Group.
The transaction, which includes 42 company-owned restaurants and 29 franchise sites, is worth up to £100m, the Mail on Sunday reported.
In a joint statement the Blackburn-based brothers said Leon was a “fantastic brand we have long admired”.
EG Group said the deal marked part of its efforts to expand the food side of its business.
The company already operates more than 700 food outlets in the UK and Ireland, including outlets of KFC, Starbucks and Greggs.
In a statement EG Group said it would open roughly 20 more Leon sites per year from 2022.
Leon boss John Vincent, who co-founded the chain in 2004, said: “In some ways this is a sad day for me.”
“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.”
EG Group has committed to keeping on Leon’s management team and staff.
Leon, which markets itself as a healthier fast food chain, has more than 70 restaurants across the UK and Europe.
Many of its franchise sites are located in train stations and airports across the UK, as well as some European countries including the Netherlands and Spain.
It comes amid reports that the Issa brothers are closing in on a takeover deal for coffee chain Caffe Nero.
The pair are said to have bought roughly £140m of loans from Swiss private equity firm Partners Group via investment bank Morgan Stanley.