Are the Issa Brothers about to split?
The billionaire Issa Brothers, founders of petrol forecourts business EG and recent highly leveraged acquirers of Leeds-headquartered supermarket chain Asda appear to be on the verge of a split.
The younger of the two brothers Zuber, and the founder of Blackburn-headquartered EuroGarages, has been widely reported to be seeking a buyer for his 22.5% stake in Asda, which he secured after a £6.8bn private equity purchase backed by TDR Capital three years ago.
Media speculation has also focused on the breakdown of Mohsin’s marriage and a new relationship with a former tax partner from EY which has apparently “sent shockwaves” through the wider Issa family.
The Issas acquired Asda with £100m of cash, the same amount from TDR Capital, with the rest funded by the largest sterling corporate bond sale ever completed.
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