Business

How the Issa brothers went from a tiny Bradford garage to a £4.7billion fortune and takeover of Asda

Mohsin Issa, 49, and sibling Zuber, 48, also acquired fast food chain Leon in April in a deal said to be worth £100million

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Blackburn billionaires poised to buy Asda

Billionaire brothers Moshin and Zuber Issa are said to be worth an estimated £4.73 billion in 2022, according to the Sunday Times Rich List.

This is an increase of £50m compared to 2021. You might know the Issa brothers better as the siblings behind the £6.8billion takeover of supermarket giant Asda.

The couple, who own the gas station business EG Group, acquired the grocer from US retail giant Walmart last year – including all the stations, although they later agreed to sell 27 stations.

The acquisition of Asda adds to the portfolio of retail businesses, which also includes 70 Leon restaurants acquired in April.

But who are Moshin and Zuber Issa exactly, and how did they make their staggering net worth?






Zuber and Mohsin Issa are self-made billionaires






The group had hoped to take a majority stake in Caffe Nero
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The brothers are from Blackburn but their parents Vali and Zubeda initially lived in Bradford after moving to the UK from Gujarat in India to work in the textile industry in the 1970s.

Mohsin, 49, and Zuber, 48, started out in a garage bought by their father, who had worked in a wool mill.

They went into business for themselves, first renting a petrol station for two years, then buying their first forecourt, a run-down property in Bury, in 2001 and founding Euro Garages.

Their empire, the EG Group, now has nearly 6,000 locations in 10 countries, from the UK to the US and Australia, operates stores for Greggs, Starbucks and KFC and employs 44,000 people.

In 2017, the company bought 77 street restaurants from Little Chef.

Zuber said: “We (EG) grew from nothing. We were at the pumps, we stocked the shelves, cleaned the toilets. you do everything







The brothers take over Asda for £6.8bn
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LightRocket via Getty Images)

“And once you’ve done the founding work, it’s no different anywhere in the world. It’s a gas station; You sell fuel, you sell coffee, you sell convenience.”

Mohsin said the company “makes more money selling a cup of coffee than it does the average tank of gas.”

Sources describe the low-key brothers as humble, with a strong connection to their Blackburn roots.







The humble home they grew up in, in Blackburn, Lancashire
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Julian Hamilton/Daily Mirror)

They have just opened a £35m HQ in the city and founded local football team Euro Garages FC in 2012.

But the £3.56billion brothers have paid off in other ways.

In 2017 they bought a Grade II listed Georgian townhouse in the London Borough of Kensington for £25million which is now being converted into a luxury home.

Meanwhile, it’s only a 10-minute drive from Blackburn’s terraced streets to the wide open spaces of the town’s millionaires’ row, overlooking the rolling Lancashire hills.

Here the siblings build five huge houses for themselves and their relatives.

The family is fondly remembered at a barber shop on a sloping street where they used to live in an end terrace house.







Her brother is self-made – and has no plans to stop the money
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Lancashire Telegraph / SWNS.com)

“They are good people, a very nice family,” said one man.

“Zuber came here to have his hair cut. They are good people who have worked hard.”

As their gas station business began to expand after the turn of the millennium, Zuber and Mohsin wanted to stay in the same area and moved their families into a newly built large family home just a five-minute walk away.

Her parents still live in the area, close to the local mosque, but soon it seems they will join their sons in a series of five incredible villas with basement swimming pools on the outskirts of town.

The brothers also established the ISSA Foundation, which funds projects to promote health, education and poverty reduction in the UK and abroad, and which purchased an MRI scanner for Blackburn Royal Hospital.







Fuel distributors in the EU have an annual turnover of £5 billion
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Lancashire Telegraph / SWNS.COM)

Mohsin, married with two adult children, manages day-to-day operations while Zuber oversees strategy and acquisitions.

The money for the Asda takeover came from her private assets.

The Asda deal is still awaiting approval from the UK’s Competition and Markets Authority, which is expected by the summer.

As part of this, Asda’s 323 service stations will be sold to the EG Group for £750m.

The sale came after a recent mega-merger between Sainsbury’s and Asda was blocked on competitive grounds.

A man strolling down Issas’ old terraced street said: ‘They did very well but they stayed in Blackburn.

“People have talked about buying Asda and are happy for them.

“They are like people and have done well. Well then good luck.”

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https://www.mirror.co.uk/money/who-mohsin-zuber-issa-how-22770627 How the Issa brothers went from a tiny Bradford garage to a £4.7billion fortune and takeover of Asda

Fry Electronics Team

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