Mohsin and Zuber Issa
BornMohsin: July 1971
Zuber: June 1972
Blackburn, Lancashire
NationalityBritish-Indian
EducationWitton Park Academy
OccupationEntrepreneurs
Known forOwners of Asda
Co-founders of EG Group

Mohsin Issa CBE and Zuber Issa CBE are British-Indian billionaire brothers and businessmen who founded Euro Garages (later renamed EG Group) in 2001, a Blackburn-based chain of petrol filling stations and convenience stores that operates in Europe, the United States and Australia.[1] In 2020, as part of a consortium with TDR Capital, the brothers became majority stakeholders in the British supermarket chain Asda.[2] EG's annual sales across ten countries were valued at €20 billion in 2020.[3]

Early lives

Mohsin Issa was born in July 1971, and Zuber Issa in June 1972 in Blackburn, Lancashire in North West England into an Indian Gujarati Muslim family[4][5] to parents Vali and Zubeda who came to the United Kingdom from Bharuch, Gujarat, India in the 1960s to work in the textile industry, and then ran a petrol pump.[6] They were educated at Witton Park Academy.[7] Their childhood was a modest one, growing up in a terraced house in Blackburn.

Careers

After leaving school, the brothers worked in the clothing industry for a short time. Zuber went on to run a news kiosk in Blackburn called Euro News.[8] In 1993, Mohsin co-founded plastic-packaging firm Europlast alongside older brother Zakir, of which Zuber would become a shareholder in 1998.[9]

EG Group

Before founding Euro Garages, the Issa brothers took out a lease on a garage, and saved up the money to buy their first petrol station.[10] They co-founded Euro Garages in 2001, with the acquisition of a single petrol station in Bury, Greater Manchester.[11]

Euro Garages expanded as oil majors (such as Esso) offloaded their forecourt sites, with Euro Garages using these acquisitions to expand retail and food convenience offerings.[12][13]

Mohsin Issa runs the business day-to-day, while his brother Zuber is responsible for strategy and acquisitions.[10] The company grew through a series of acquisitions. In February 2018, it was announced that Euro Garages would acquire 762 convenience stores in the United States from Kroger.[14]

In April 2021, the Issa brothers purchased (via EG Group) the British fast food chain Leon, comprising more than 70 restaurants across the UK, in an acquisition reportedly worth up to £100 million.[15]

Asda

In October 2020, Walmart announced an agreement to sell a majority stake in British supermarket chain Asda to a consortium of the Issa brothers and private equity firm TDR Capital.[2]

In May 2023, the brothers agreed to sell the UK and Ireland operations of EG Group to Asda for £2.3 billion.[16] On 19 July 2023, Asda co-owner Mohsin Issa appeared before the Commons' Business and Trade Select Committee, angering committee members, who accused Issa of 'failing to answer questions about the supermarket’s fuel prices, finances and treatment of staff.'[17]

Other interests

Through their Monte Group company, the Issa brothers are investors in the sports brand Castore.[18]

In 2021, the brothers tried to acquire the fashion retailer Topshop, but lost out to ASOS.[19] In 2022, they attempted to acquire pharmacy chain Boots, but its American owners Walgreens decided not to sell it, and took it off the market.[20] Later in the year, the brothers attempted to acquire McColl's, but lost out to Morrisons.[21] Attempts to acquire Caffè Nero also failed.[22]

In July 2023, the brothers invested £30 million in HVS, a British zero-emission company that is developing a lorry running on hydrogen fuel cells.[23]

Personal lives

Mohsin Issa is married to Shamin, and they have a son and a daughter, both of whom work for Euro Garages.[24] He still lives in Blackburn and, alongside his brother, is building five mansions for themselves and their relatives, ten minutes' drive from where they grew up. The brothers invested in a £25 million mansion in Knightsbridge, in Central London in 2020.[25]

Mohsin Issa and Zuber Issa were each appointed Commander of the Order of the British Empire (CBE) in the 2020 Birthday Honours for services to business and charity.[26]

In 2023, the Sunday Times Rich List valued their combined net worth at £5.05 billion, making them the 40th wealthiest family in the UK.[27]

Controversy

Zuber Issa and his brother Mohsin came under criticism in 2020 for their tax affairs.[28][29] along with criticism over safety standards at a company they co-owned.[30]

References

  1. ↑ "About Us". EG Group. 22 August 2017. Retrieved 2 March 2018.
  2. 1 2 "Asda bought by billionaire brothers in £6.8bn deal". BBC News. 2 October 2020. Retrieved 2 October 2020.
  3. ↑ Chambers, Sam (24 September 2020). "Zuber and Mohsin Issa: the brothers pumping debt — and doubts". The Times. ISSN 0140-0460.
  4. ↑ "Petrol stations owned by Muslim family remove alcohol from shelves". The Express Tribune.
  5. ↑ "UK billionaire brothers' mega mosque plan gets council's nod". Ummid.
  6. ↑ Watts, Robert; McCall, Alastair (7 May 2017). "High-octane rise of brothers' firm shows family value". The Sunday Times. Retrieved 2 March 2018.
  7. ↑ Neate, Rupert (2 October 2020). "New Asda owners Mohsin and Zuber Issa – the Blackburn billionaire brothers". The Guardian. Retrieved 2 October 2020.
  8. ↑ The Billionaire brothers owners of Asda -ISSA Brothers from Lancashire, retrieved 9 January 2023
  9. ↑ "'Appalling' safety at Asda buyers' former company". BBC News. 18 December 2020. Retrieved 9 January 2023.
  10. 1 2 Orton-Jones, Charles (29 November 2010). "Band of brothers: Why sibling-run firms work". Real Business. Retrieved 2 March 2018.
  11. ↑ George, Thomas (2 October 2020). "The billionaire brothers who built an empire from a Bury petrol station and have just bought ASDA for £6.8bn". Manchester Evening News. Retrieved 2 October 2020.
  12. ↑ The Billionaire brothers owners of Asda - ISSA Brothers from Lancashire (Audio, 13'56"). BBC Sounds. 25 April 2021 – via YouTube.
  13. ↑ Frost, Richard (19 January 2016). "Acquisitions drive growth at Euro Garages". Insider Media.
  14. ↑ "Blackburn-based Euro Garages to expand into US with $2bn acquisition". Lancashire Telegraph. Retrieved 2 March 2018.
  15. ↑ "Leon: Billionaire Issa brothers buy fast food chain". BBC News. 18 April 2021. Retrieved 12 April 2022.
  16. ↑ Hurley, James (20 July 2023). "Mohsin Issa's Commons display angers MPs". The Times. ISSN 0140-0460. Retrieved 20 July 2023.
  17. ↑ "Asda co-owner angers MPs during fuel prices grilling session - Retail Gazette". 24 July 2023. Archived from the original on 24 July 2023. Retrieved 24 July 2023.
  18. ↑ "Issa brothers onside at Castore". Castore. Retrieved 1 August 2021.
  19. ↑ "Issa brothers miss out on TopShop and Miss Selfridge deal - ALL stores to close". Lancashire Telegraph. Retrieved 9 January 2023.
  20. ↑ "Billionaires Face Off in Final Battle for UK High Street Staple". www.bloomberg.com. Retrieved 10 September 2022.
  21. ↑ Gill, Oliver; Warrington, James (9 May 2022). "Morrisons beats Issa brothers in battle to rescue McColl's". The Telegraph. ISSN 0307-1235. Retrieved 10 September 2022.
  22. ↑ Vay, Josie Le (14 January 2022). "Bombshell for billionaire Issa brothers' plans to buy Caffé Nero". Manchester Evening News. Retrieved 13 September 2022.
  23. ↑ Editor, Robert Lea, Industrial (9 July 2023). "Billionaire Issa brothers backing hydrogen-powered lorry start-up". The Times. ISSN 0140-0460. Retrieved 10 July 2023. {{cite news}}: |last= has generic name (help)CS1 maint: multiple names: authors list (link)
  24. ↑ Evans, Peter (2 June 2019). "Petrol station brothers filled with drive". The Times. Retrieved 4 October 2019.
  25. ↑ Ralph, Alex (3 October 2020). "Brothers from 'wrong side of Pennines' who took over Asda". The Times. ISSN 0140-0460.
  26. ↑ "No. 63135". The London Gazette (Supplement). 10 October 2020. p. B10.
  27. ↑ Times, The Sunday (10 July 2023). "Mohsin and Zuber Issa net worth — Sunday Times Rich List 2023". The Times. ISSN 0140-0460. Retrieved 10 July 2023.
  28. ↑ Armstrong, Ashley (5 October 2020). "Asda owners Issa brothers 'paid no tax for two years'". The Times.
  29. ↑ Armstrong, Ashley (12 October 2020). "Asda's parent company will be based in Jersey tax haven". The Times.
  30. ↑ "'Appalling' safety at Asda buyers' former company". BBC News. 18 December 2020.
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