Asda owners to open 300 convenience stores

Asda owners the Issa brothers are set to open 300 convenience stores according to sources reported by The Sunday Times.

The move will see “Asda on the Move” stores built at the brother’s privately held EG Group’s forecourts across the country.

EG Group is a Blackburn-based retailer which owns petrol stations and fast-food outlets, including KFC and Starbucks franchises, in Europe, the US, and Australia.

Founded in 2001, the firm recorded revenues of £4.74 billion in its April to June quarter, a growth of 57 per cent year-on-year.

The brothers told The Sunday Times they hope the integration will boost grocery sales and create savings on fuel purchases and costs.

The brothers acquired Asda in £6.8 billion deal in partnership with TDR Capital in October 2020, which was fully approved by the Competition and Markets Authority (CMA) in July 2021.

The watchdog had probed the deal on the basis that the acquisition could increase petrol prices for motorists.

Asda’s sales have experienced a 6.2 per cent year-on-year drop in its most recent quarter according to market research firm Kantar.

"The group’s latest performance is further validation of our successful global strategy,” said Zuber and Mohsin Issa. "The resilience of our business model has been demonstrated during the pandemic, and we have emerged as an even stronger business as we enter the second half of the year with confidence."

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