Supermarkets behaving badly: Asda and Morrisons bosses back ‘transparent’ fuel pricing model June 27, 2023 Supermarkets bosses have been grilled by MPs on prices at the pump and agreed to consider entering into a fuel model which would give more transparency. The government has been mulling a scheme whereby petrol stations would have to share live prices in efforts to bring more price transparency for drivers – a similar system [...]
Billionaire Issa brothers plot $35bn merger of Asda with their EG Group petrol stations November 27, 2021 The billionaire brothers behind last year’s mammoth acquisition of Asda are now mulling a merger of the grocer with their petrol and forecourts business EG Group. A merger between the two businesses is one of a few strategy options that the Blackburn-based entrepreneurs are considering for their global forecourt empire EG group. If they were [...]
Morrisons rescue deal for McColl’s totalled £182m May 18, 2022 Grocer Morrisons coughed up some £182m to snap up beleaguered convenience store operator McColl’s, defeating a rival bid from Asda owners the Issa brothers. The newsagent chain’s equity value was worth around £3m earlier this month while senior creditors were owed some £160m, documents from administrators PwC revealed. While the Issa’s EG Group had offered [...]
Competition concerns: Morrisons’ takeover of McColl’s probed by CMA May 30, 2022 The competition watchdog is probing Morrisons’ takeover of beleaguered newsagent operator McColl’s, it has been confirmed. The Competitions and Markets Authority (CMA) said on Monday it had launched an inquiry to investigate whether the takeover will impact competition in the UK, with an initial enforcement order. The two businesses will be instructed to compete as [...]
Why are private jets so irresistible to the country’s bigwigs? May 13, 2024 City bigwigs and politicians seem set on using private jets to get around. Should we be up in arms or is it vital for efficiency?
Issa brothers’ EG Group acquires UK’s second-largest bakery business October 4, 2021 Petrol station forecourt giant EG Group has acquired the country’s second-largest bakery business, Cooplands The Issa brothers’ firm has acquired CS Food Group Holdings Limited, which operates a number of bakeries that produce and distribute fresh food to some 180 stores and cafes. The bakery business mostly operates across the north-east and Yorkshire regions and [...]
Petrol station firm EG Group mulls ‘potential $15bn sale’ September 9, 2021 Petrol station forecourt giant EG Group is reportedly mulling options for its future, including a potential sale. Bloomberg reported that a deal to sell the company, which is backed by the billionaire Issa brothers and private equity firm TDR Capital, could fetch as much as $15bn. The firm could also go for an initial public [...]
Asda buyer TDR Capital marks 20-fold return on supermarket takeover with £1.4bn stake April 19, 2022 One of Asda’s owners has valued its stake in the supermarket at almost 20 times the sum it paid in a blockbuster takeover last year. According to The Financial Times, private equity firm TDR Capital informed investors it has placed its stake at 19.8 times the orginial investment in the grocer. The US firm, alongside [...]
EG Group to divest some petrol filling stations after watchdog concerns October 5, 2021 Petrol station forecourt operator EG Group has announced it will divest 27 petrol filling stations. The group – owned by the billionaire Issa brothers – said it had entered into a binding agreement to divest more than two dozen stations across the country to Park Garage Group. It comes after the competition watchdog expressed concerns [...]
Forecourt gives 10,000 workers a 5 per cent pay rise as fuel crisis rages on September 30, 2021 Forecourt giant EG Group said this morning it has agreed a pay rise for more than 10,000 workers as the sector faces challenging conditions. The company, which runs around 400 sites across the UK, said it will increase hourly rates by an average of more than 5 per cent for employees aged over 18. It [...]