Two Muslim brothers, Mohsin and Zuber Issa, have been successful in a bid to buy major UK retailer, Asda. The supermarket chain owned previously by American Walmart is valued at £6.8Billion.
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While Walmart is understood to retain a stake in Asda, the majority of the shares will be owned by the Issa brothers and their private equity firm TDR Capital.
The brothers didn’t grow up around money coming from the modest town of Blackburn. The self-made billionaires have kept a low profile. In 1999 they began renting a petrol station, then purchased their own in 2001 forming ‘Euro Garages.’
Now the EG group owns 6,000 sites across 10 countries and employs 44,000. In 2012 they set up football team ‘Euro Garages FC’, in 2017 they purchased 77 Little Chef roadside restaurants and have recently set up their £35Million headquarters for EG.
The Issa brother’s parents still live in the area where they grew up because they wanted to stay close to the local Mosque. The brothers are now building five super mansions for all their family members a little further away, so it may mean moving out for their parents.
“We grew (EG) from nothing.” Zuber Issa said “We’ve been on the pumps, we’ve been stocking the shelves, cleaning the toilets. You do everything.”
A person from the area where they grew up was asked about them and commented “They are good people, a very nice family. Zuber used to come in here to have his hair cut. They are good people who worked hard.”
British ownership for UK Retailer
The take over means that the UK retailer, which was in the hands of foreign ownership, will once again return to British ownership. The Issa brother already dealt with Asda through their petrol forecourt business.
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The Issa brothers will likely bring their experience to the table with Asda’s recent decision to trial “Asda on the move” at three EG forecourts.
The brothers commented “We believe that our experience with EG Group, including our expertise around convenience and brand partnerships and our successful partnership with TDR Capital, can help to accelerate and execute that growth strategy.”
Industry leaders commented that the Issa brothers are soft spoken, modest and well mannered. Brian Madderson, chairman of the Petrol Retailers Association (PRA), commented that the brothers are “remarkable entrepreneurs” for showing such speed of growth to their petrol station business.
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