•   
  •   

UK News Self-made billionaire brothers agree deal to buy Asda from Walmart

15:10  02 october  2020
15:10  02 october  2020 Source:   dailymail.co.uk

Ant-Man 3: Everything you need to know

  Ant-Man 3: Everything you need to know Scott and Hope are coming back.

Self - made billionaire petrol station tycoon brothers , 48 and 49, from Blackburn agree deal to buy Asda from Walmart for £6.8bn bringing supermarket giant back under British control. Mohsin Issa, 49, and his brother Zuber, 48, whose parents came to Britain from India 'with nothing'.

Two billionaire brothers from Blackburn have won the battle to buy Asda from Walmart of the US, in a deal valuing the supermarket chain at £6.8bn. A consortium of Zuber and Mohsin Issa and private equity firm TDR Capital will take a majority stake in Asda . It means the grocer will return to majority

a man standing in front of a building: MailOnline logo © Provided by Daily Mail MailOnline logo

Two self-made billionaire petrol tycoon brothers have agreed to buy Asda from Walmart for £6.8billion to bring the supermarket back under British control.

Mohsin Issa, 49, and his brother Zuber, 48, from Blackburn, stunned the City by being named as lead bidders to take over the retail giant alongside private equity firm TDR Capital, and concluded the deal today.

The new owners have committed to keeping the retailer's headquarters in Leeds and said they will invest to grow its convenience and online operations. Walmart will retain a minority stake in Asda as part of the agreement.

Why the Tiktok deal with Oracle could burst again

 Why the Tiktok deal with Oracle could burst again Donald Trump recently spoke of the fact that the new Tiktok app will have nothing to do with China. Bytedance now contradicts this and emphasizes that the majority of the short video app will continue to be retained. © Photo: Unsplash / Kon Karampelas The Tiktok deal with Oracle and Walmart could burst due to disagreements about the shares in the app. Deal or no deal? The tussle over Tiktok in the USA continues.

From a terraced home in Blackburn to self - made billionaires on the brink of buying Asda : Rags-to-riches story of petrol station pioneer brothers , 48 and 49, bidding to bring supermarket giant back Stunned City by being named as preferred bidder to buy Asda from Walmart for an expected £6.5bn.

Walmart said: “Following inbound interest Walmart and Asda can confirm that we are currently However, Walmart cautioned that “no decisions have been made ” and said a stock market flotation Walmart bought the Yorkshire-based company in 1999. Asda ’s first supermarkets were opened in

It is the latest stage in the brothers' extraordinary rags to riches story, which saw them turn a single petrol station in Bury into an empire of 5,900 branches.

The duo, whose parents came to Britain from India 'with nothing', built EG Group - previously known as Euro Garages - from one site bought for £150,000 in 2001 into a £9billion giant employing 44,000 staff.

Today's deal comes more than a year after a proposed merger between Asda and UK supermarket rival Sainsbury's was torpedoed by regulators.

a person standing posing for the camera: Mohsin Issa, 49, (left) and his brother Zuber, 48, whose parents came to Britain from India 'with nothing', today emerged as the winners of the battle to buy Asda © Provided by Daily Mail Mohsin Issa, 49, (left) and his brother Zuber, 48, whose parents came to Britain from India 'with nothing', today emerged as the winners of the battle to buy Asda a man wearing a suit and tie: The brothers holding trophies at an awards ceremony in London in 2018, which saw them named EY Entrepreneur of the Year © Provided by Daily Mail The brothers holding trophies at an awards ceremony in London in 2018, which saw them named EY Entrepreneur of the Year

The billionaire Issa brothers brothers and the rise and rise of EG Group

1970s - Mohsin and Zuber Issa's parents arrive to the UK from Gujurat, India and the brothers are born not long afterwards in Blackburn, Lancashire.

Marvel Phase 4: Here's what's happening and when

  Marvel Phase 4: Here's what's happening and when When we eventually get to see it, that is.Marvel Phase 4 has been a longer time coming than any MCU fan would have expected due to the current global situation.

The aisles were introduced across Asda 's 359 supermarkets nationwide this week after it was revealed 17 per cent of UK households are reducing their meat intake. Asda becomes first UK supermarket to have vegan-only aisles across its 359 stores after sales of plant-based products rise 275 per cent.

LONDON — Sainsbury's has agreed to buy Walmart 's U.K. unit, Asda , for 7.3 billion pounds (.1 billion) in cash and stock in a deal The deal combines Britain's second- and third-largest supermarket chains, giving the combined company 31.4 percent of the market and putting it ahead of the current

They work at their parents' petrol station before it closes.

2001 - The brothers buy their first filling station in Bury, Greater Manchester.

2015 - Private equity firm TDR Capital acquire a 50% stake in their Euro Garages chain.

2017 - Euro Garages buys EFR Group, a Dutch-based forecourt operator, and is renamed EG Group. The new company buys 1,000 garages from Esso in Germany.

2018 - EG Group announces it will buy 800 Kroger convenience stores in he US before buying 1,200 sites in Italy from Esso. Later that year it buys 97 fuel stations in the Netherlands and 540 from the Australian retailer Woolworths.

2019 - In another US expansion, EG buys 54 Fastrac sites in the US and 69 from Certified Oil.

2020 - EG becomes KFC's largest franchisee in Europe after buying 145 KFC outlets in the UK & Ireland.

Asda has seen its fortunes improve recently with trading strengthening through 2020, as shoppers have spent more money on groceries during the pandemic.

Bill Murray gets legal notice from Doobie Brothers for using song to sell 'ugly' shirts

  Bill Murray gets legal notice from Doobie Brothers for using song to sell 'ugly' shirts Bill Murray and the Doobie Brothers star in today’s feud you probably didn’t see coming — but then again, it’s 2020. A lawyer for the Doobie Brothers hilariously asked Murray pay up for using one of the group’s songs in a commercial without permission. Attorney Peter T. Paterno fired off a letter to the Caddyshack star and the only way to describe it is epic. It all started when Murray used the hit “Listen to the Music” in an advertisement for his William Murray line of golf clothing. “It’s a fine song. I know you agree because you keep using it in ads for your Zero Hucks Given golf shirts.

Wal - Mart , Asda 's parent company, is in advanced discussion with J Sainsbury about the possible Deal would make it biggest UK supermarket and reduce prices for shoppers. Sainsbury's and Asda are in talks over an astonishing £15billion mega-merger to create Britain's biggest supermarket chain.

When Walmart bought the British supermarket group Asda in 1999, the UK and Europe braced for a tidal wave. The American retailer had already It comes as Walmart struggles to reassure investors after disappointing fourth-quarter earnings in February that included slowing online sales growth.

In the quarter to June, Asda saw online sales double but the new owners will be tasked with expanding its digital business further to take advantage of soaring demand and make ground on rivals, such as Tesco, who have a larger slice of the market.

The new owners will also face the challenge of keeping prices low amid tough economic conditions for shoppers and potential new tariffs on EU-imported foods, with the other big four supermarkets all announcing a raft of price cuts in recent months.

EG Group has sealed the deal after its offer was favoured by Walmart ahead of a move by US private equity firm Apollo.

Last week, a third bid from Lone Star Funds, fronted by former Asda executive Paul Mason, was dropped after failing to meet the price of its rivals during the latter stage of bidding.

Walmart sought a sale after the UK's competition regulator blocked its merger with Sainsbury's amid fears the move would push up prices and reduce product quality.

The US grocery started new discussions over a sale of Asda in February, but saw these halted due to disruption as a result of the coronavirus pandemic.

Avengers: Infinity War theory says Heimdall saved Hulk because Thor wouldn't forgive him

  Avengers: Infinity War theory says Heimdall saved Hulk because Thor wouldn't forgive him It all makes sense now.

Div Turakhia, India's youngest self - made billionaire , once lived in a one-bedroom apartment with eight family Now he has founded multiple successful tech start-ups and became a billionaire when he sold That wasn’t even Turakhia’s first big payday. He and his older brother , Bhavin, also founded

The brothers then turned their attention to Stripe, and continued to work on it together after John Creating a product that people actually want to buy , and getting them to hear about it, all that we On a day-to-day basis John, who has the title of president, says that he spends more time dealing with

However, the auction process restarted in July as Walmart sought to exit the UK, 21 years after first purchasing the Leeds-based retailer.

Blackburn-based EG Group, formerly known as Euro Garages, already runs forecourt convenience stores for Spar and French hypermarket chain Carrefour.

The deal will have to pass through regulators, although it is expected to be given the green light.

Last week, EG Group announced a trial involving three 'Asda on the Move' convenience stores at its petrol forecourts.

The Issa brothers are now worth an estimated £3.56bn, including a £25m Kensington townhouse and a private jet that is kept in a hangar at Blackpool Airport alongside Donald Trump's personal helicopter.

Avengers: Endgame art reveals cut Iron Man and Spidey moment

  Avengers: Endgame art reveals cut Iron Man and Spidey moment Rescue and War Machine would have joined them for a smackdown.Avengers: Endgame had a pretty fantastic final battle full of fan-pleasing moments, from Captain America wielding Thor's hammer, the ladies teaming up, Scarlet Witch's confrontation with Thanos, so much fun.

Asda history: How Britain's third-largest supermarket began as a Yorkshire family butcher

1950s: The Asquith family (W.R. Asquith) open a butcher's shop in Knottingly, West Yorkshire, which was eventually expanded to seven shops.

1958: They travel to the USA to visit Piggly Wiggly, probably the world's first supermarket.

1963: The Asquiths open the UK's first self-service supermarket in Wakefield, West Yorkshire.

a double decker bus parked in front of a building: The first Asda supermarket, which was opened in 1965 in Wakefield, West Yorkshire © Provided by Daily Mail The first Asda supermarket, which was opened in 1965 in Wakefield, West Yorkshire

1965: Peter Asquith built his first new supermarket from scratch, next to a large car park, knowing that cars would change the way people shop. Associated Dairies were employed to run the in-store butchery operation and the name Asda was born by combining ASquith and DAiries.

1966: Asda becomes the first major food store to sell general merchandise.

1968: Associated Dairies buys out the Asquith Brothers.

text: A newspaper article about one of the first ever Asda stores © Provided by Daily Mail A newspaper article about one of the first ever Asda stores

1999 Asda is bought by Walmart.

2020 (February): Walmart says it is looking for a buyer.

They are also building five identical mansions just three miles from the £115,000 Blackburn two-up two-down where they were raised. Mohsin is expected to live there with his wife, Shamim with whom he shares two grown-up children.

As the children of immigrants who moved to Blackburn from Gujurat, India, in the 1970s, Mohsin and Zuber Issa - who were born in the former mill town - quickly learned the importance of hard work.

FTSE outperforms rivals as global markets sunk by Trump illness

  FTSE outperforms rivals as global markets sunk by Trump illness Donald Trump tested positive for Coronavirus on Friday morning European time.After trading in the doldrums all day after the news that US President Donald Trump has tested positive for Covid-19, the FTSE 100 rallied in the afternoon as markets opened across the pond.

Their first experience of business was selling petrol from their parents' filling station, where they would have their big idea that would revolutionise the industry and make their millions.

Petrol sales were in decline and fuel duty on the rise, cutting into already wafer-thin fuel margins and leading to hundreds of operators leaving the market.

At the time most garages - if they sold food at all - offered a measly selection of pre-packaged sandwiches, crisps, sweets and chocolate.

But the Issas realised fuel sales still had a purpose in creating a captive market at petrol stations, who could then be offered appetising food rather than the gruel offered elsewhere

The brothers struck franchise agreements with brands including Starbucks, Subway and KFC, before embarking on a buying spree to snap up sites that had previously become vacant.

They now own Europe's largest forecourt operator, Euro Garages, which in 2019 reported revenues of more than £17.9bn.

The firm is now the largest Subway franchisee in Europe and earlier this year bought a group of 146 KFC stores.

Describing the secret of their success, Zuber told the Financial Times: 'We wanted to create a destination where you could get fuel, food-to-go and shopping.

'This is the formula and it works.

'We were fortunate that the big players were leaving the market just as we were growing.'

TDR Capital - a London investment firm behind We Buy Any Car and David Lloyd gyms - bought a 50% stake in EG Group in 2015. The Issas retain the remaining 50%.

This prompted a debt-fuelled buying spree that saw the brothers buy thousands of new sites and expand into eight other countries around the world.

'They never in their wildest dreams would have imagined 5,500 gas stations in nine markets,' senior executive Ilyas Munshi told the American trade magazine CSP last year.

Marvel's Paul Rudd trash talks Iron Man in parody music video

  Marvel's Paul Rudd trash talks Iron Man in parody music video While wearing some glorious wigs.

'If they had only 20 sites, they would have felt they had done their job.'

As proud Lancastrians, the brothers have insisted on keeping EG Group's headquarters in Blackburn, and recently unveiled a new £35m headquarters.

'People are always asking when we will move to London or Manchester,' Zuber told the FT.

'But the quality of life here is great. A lot of people do a few years in London then come to the North West.

'They want to raise a family and have less pressure. We have got a lot of fantastic people that way.'

Mohsin has a wife Shamim, and their son and a daughter both work for EG. Both brothers rarely give interviews and have adopted a low-key public profile.

They are now building five identical 'super-sized' homes three miles from their childhood home.

Despite the fierce opposition, which saw the council face 30 letters of complaint, eight old houses have now been demolished and builders have laid foundations for the five 5,000 sq ft mansions.

Plans for the large houses, which are located on a quiet rural road outside Blackburn where houses sell for up to £1 million, were lodged in April 2018.

They sparked an uproar, with the properties described as 'not in fitting with the local area' as the homes stand over 4.5 metres taller with 1,500 square metres of floor space.

But planning permission was granted and pictures taken earlier this year showed builders had already moved in.

In 2017, the pair purchased a £25million mansion in Knightsbridge, which estate agents said could be worth £80million when planned renovations are carried out according to estate agents.

Their Grade II listed Georgian house is also at the centre of a long-running planning row.

The previous owner began digging a basement and left a vast 30ft-deep crater the size of two tennis courts, described by horrified neighbours to 'Hitler's bunker'.

When finished the luxury 22,000 sq ft home will have a huge underground car park, a swimming pool, spa, and cinema.

The brothers donate 2.5% of their earnings to charity through the Issa Foundation, which funds hospitals and provides free breakfasts for children in Lancashire.

Read more

Marvel's Paul Rudd trash talks Iron Man in parody music video .
While wearing some glorious wigs.

usr: 1
This is interesting!