Forecourt operator EG Group on Friday said it has completed the sale of its remaining UK forecourt business and certain foodservice locations to co-founder Zuber Issa.
The group added that the transaction proceeds will be used to repay debt.
EG Group has last year sold most of its UK and Ireland business to supermarket group Asda, but retained 32 sites in the UK.
As previously announced, following completion of the transaction, Zuber has now stepped down from his executive leadership capacity at EG Group, becoming a non-executive director.
His brother and co-founder Mohsin Issa will lead the group as sole chief executive.
EG Group has in June announced the sale of the remaining UK business for £228 million to Zuber, who will focus on leading and growing a new UK petrol forecourt and convenience retail business, including food service, to be branded ‘EG on the Move’.
“Mohsin and I have realised and surpassed our own expectations and the group is a UK success story on a global stage,” Zuber said in September, as the deal received all relevant approvals.
“Our business represents the very best standards and customer experience of leading retail brands in fuel, foodservice, grocery and merchandise. I am very proud of what we have built together and look forward to being part of the Group’s continued success.”
Mohsin added: “This is a very exciting time for EG Group and the wider sector. I am delighted to return to lead EG Group where there are many opportunities. I would like to also pay tribute to Zuber’s effective leadership, incredible contribution, dedication and commitment to EG Group.
“We embarked on this exciting enterprise journey together knowing no boundaries, moving from one site in Bury to the world class global convenience business that it is today. I look forward to continuing to work with my brother and receiving his strategic counsel as a fellow shareholder and board member on the EG Group board.”
EG has an extensive global network spanning nine international markets across the UK, continental Europe, US and Australia with more than 5,500 sites and employing about 38,000 colleagues.
