Issa brothers face deadline to repay £30m private jet loan
EG Group said it had served Mohsin and Zuber Issa a notice to repay the loan provided to their personal private jet business Clear Sky 2 LP by the end of June.
If they fail to do so, the petrol forecourt giant said it would exercise its rights to recover the $41m loan, which is overdue.
The borrowings include unsecured loans that EG initially gave to the brothers to buy the jets – a Bombardier Global 6000 and a Bombardier Challenger 350 – in 2018.
The demand comes amid plans to float EG Group, which is owned by the Issa brothers together with private equity firm TDR Capital.
EG Group has been lending funds to the private jet business, owned solely by the brothers, for years.
However, EG is now seeking to recoup the funds after both brothers, who had founded the business in 2001, stepped back from running the day-to-day operations.
Zuber stepped down as co-chief executive last year, while Mohsin left his role in April.
The Issa brothers built their fortune through EG Group, although the pair were catapulted into the spotlight after teaming up with TDR to acquire Asda in a £6.8bn deal in 2021.
However, more recently, the two brothers have been attempting to disentangle their fortunes.
Last year, Zuber announced the sale of his 22.5pc stake in Asda before setting up a rival petrol forecourts business called EG On The Move.
Meanwhile, Mohsin has sought to invest in a string of UK start-ups, including protein maker Applied Nutrition and sportswear retailer Castore.
The break-up of the interests followed rumours of a rift between the brothers, although the pair have sought to talk down any split.
Company filings show that the brothers borrowed increasing amounts from EG to pay for the Clear Sky business, through which they own their private jets.
This includes the outstanding $41m loan, which rose by $7m over the past financial year. EG Group said it served the brothers notice over the loan in April.
EG Group declined to comment.
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