Latest Breaking News On - Leon restaurants - Page 7 : comparemela.com
Last modified on Tue 20 Apr 2021 06.56 EDT
The £6.8bn takeover of Asda by a private equity consortium fronted by the Blackburn-based petrol station billionaire brothers Mohsin and Zuber Issa could lead to higher fuel prices in some parts of the UK, the UK competition watchdog has warned.
The Issa brothers and TDR Capital co-own the petrol station operator EG Group, which has 395 UK petrol stations while Asda owns 323. The Competition and Markets Authority (CMA) said many of the forecourts were located in the same parts of the country and it was concerned about these overlaps.
Joel Bamford, the CMA’s senior director of mergers, said: “Our job is to protect consumers by making sure there continues to be strong competition between petrol stations, which leads to lower prices at the pump. These are two key players in the market, and it’s important that we thoroughly analyse the deal to make sure that people don’t end up paying over the odds.
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“EG Group continues to identify innovative partnerships and acquisitions that complement our existing consumer offer and enable us to stay at the forefront of consumer trends, particularly in food service,” Mohsin and Zuber Issa, the company’s co-founders, said in a joint statement. “Our equity investment in Leon is to strengthen our own participation in the fast-growing contemporary food service segment.”
The deal adds to the turbocharged expansion by EG Group, which owns the UK supermarket chain Asda Group. The company has fuelled its growth at breakneck speed in the debt markets since 2017.
EG Group pursued its first privately-placed bond transaction earlier this year to raise funds for an acquisition spree. It acquired around £140 million of loans from Swiss private equity firm Partners Group to finance a purchase of coffee chain Caffe Nero, the
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By Alec Mattinson2021-04-19T07:51:00+01:00
EG Group, the petrol station business whose billionaire founders have pushed for rapid growth through debt-fuelled acquisitions, has bought healthy fast-food chain Leon for £100m as it expands into food retailing (The Financial Times £). Leon has been sold for an estimated £100 million to the billionaire brothers who are buying Asda (The Times £). The billionaire brothers behind the petrol station business EG Group have snapped up the fast food chain Leon Restaurants for £100m, just months after acquiring supermarket chain Asda (The Guardian). More than 70 Leon restaurants across the UK and Europe have been sold to the brothers’ giant petrol forecourt business EG Group (The BBC). Mohsin and Zuber Issa are understood to have agreed to buy the business, co-founded by Boris Johnson’s food tsar Henry Dimbleby, in the early hours of Saturday (The Daily Mail).
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