The two brothers who own the British arm of Asda whose business started off in Bury have split up over a family feud
The Brother’s Mohsin and Zuber, started out in a garage which their dad, who had worked in a woollen mill, before buying a garage forecourt in Bury which became Lancashire-based EG,one of the UK’s biggest private companies.
However today Zuber has exited Asda after selling his 22.5% stake in the supermarket to existing owners private equity firm TDR Capital
The rift between the Issa brothers emerged after the breakdown of Mohsin’s marriage, which is said to have “sent shock waves” through the family.
He will also step down as Co-CEO of EG Group after reaching an agreement to buy its remaining UK forecourt business and standalone foodservice locations for £228 million.
Zuber will retain his existing shareholding in EG Group while his brother Mohsin will become sole CEO.
Neanwhile the GMB Union said it was worried of the implication for its members who work at ASDA
Nadine Houghton, GMB National Officer, said:
“TDR Capital has serious questions to answer about their asset-stripping of Asda.
“Their private equity ownership has already been bad for consumers – with Asda now the most expensive retailer for fuel – and bad for staff, with millions of working hours cut from the shop floor.
“Further involvement from TDR can only spell more bad news. Bosses must change course to protect Asda workers and stop this British retailer further losing more market share. “
