Latest news with #EGGroup
AU Financial Review
06-07-2025
- Business
- AU Financial Review
Petrol pass-the-parcel: Woolworths curse too much for EG
Australia's big two supermarkets, which not long ago accounted for half of all retail petrol sales across the country, are gone from the sector, and now one of their replacements wants to get out, too. British-born EG Group, which paid $1.73 billion for Woolworths' 540 company-owned fuel convenience sites in April 2019, has revamped efforts to sell its Australian arm and is in talks to cut its losses and get out, only six years after landing with a splash and promising to shake up the local market.
Telegraph
20-06-2025
- Business
- Telegraph
Issas' petrol station giant drops diversity goals before £13bn US listing
The Issa brothers' petrol station empire is rolling back diversity, equity and inclusion (DEI) targets as it gears up for a £13bn listing in the US. EG Group said it was no longer pursuing a goal to increase the number of women in senior leadership roles in the US, saying its diversity initiatives only applied 'in regions where legally permissible'. It previously had set a company-wide goal to increase the proportion of women in top roles to 40pc by 2025, from 20pc in 2021. However, the US – which is EG Group's largest market – has since been excluded from that objective. EG Group said it was also reviewing gender targets for the rest of the business, which includes operations in Australia and Europe. The UK arm of the company was sold last year. The retreat from diversity goals comes as EG appeared to fall short of its 40pc gender goal for 2025. By 2024, just 27pc of senior leadership roles were held by women, according to its latest filings, with the company admitting that this was 'some way off achieving [its] target'. The diversity shake-up comes as the billionaire Issa brothers push ahead with plans to list Blackburn-based EG Group in the US for as much as £13bn. EG Group is jointly owned by the Issa brothers and private equity firm TDR. TDR owns 50pc of the company, while Mohsin and Zuber hold 25pc each. The brothers have both stepped back from running the business over the past year. Meanwhile, the move to pull the US female representation target comes as more companies start to roll back their inclusivity programmes amid a crackdown by Donald Trump. The US president has banned companies with federal contracts from operating 'illegal' DEI programmes. It has meant a wave of UK businesses have started to ditch diversity efforts, including drug giant GSK and consulting giant Accenture. When addressing diversity in its latest report, EG said it wanted to ensure its targets 'are fit for purpose going forward and focused on the areas that matter most to our colleagues and customers, but also to our investors, regulators and wider society'. A spokesman said: 'EG Group complies with all relevant laws and regulations in the jurisdictions in which we operate. 'We remain committed to being an equitable and inclusive business, reflecting the diversity of our colleagues, customers and wider communities.'
Yahoo
11-06-2025
- Business
- Yahoo
Issa brothers face deadline to repay £30m private jet loan
The billionaire Issa brothers are facing a looming deadline to repay a $41m (£30m) loan that they took out to fund their private jets, new documents reveal. 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. Broaden your horizons with award-winning British journalism. Try The Telegraph free for 1 month with unlimited access to our award-winning website, exclusive app, money-saving offers and more.
Telegraph
11-06-2025
- Business
- Telegraph
Issa brothers face deadline to repay £30m private jet loan
The billionaire Issa brothers are facing a looming deadline to repay a $41m (£30m) loan that they took out to fund their private jets, new documents reveal. 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 relinquished a co-chief executive role last year, while Mohsin left 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. Investing in start-ups 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.
Yahoo
31-05-2025
- Business
- Yahoo
EG America takes over 9 Neon Marketplace c-stores in the Northeast
This story was originally published on C-Store Dive. To receive daily news and insights, subscribe to our free daily C-Store Dive newsletter. EG America has acquired nine leasehold convenience stores in the Northeast for an undisclosed amount, the company announced this week in its earnings update. A company spokesperson was unable to share which states and cities these stores are located in or who the landowner is for each site. However, a report by WPRI confirmed that they're under the Neon Marketplace banner and located across Rhode Island and Massachusetts. EG America said in its earnings update it will rebrand these sites to its Cumberland Farms banner. EG America has been on a selling spree for the past few years, but this small-scale purchase may indicate the retailer is ready to refocus on acquisitions. EG America, which has about 1,500 c-stores across 30 states, sold over 150 convenience stores and executed sale-leaseback deals for hundreds of others between early 2023 and late 2024 to help its parent company, EG Group, pay down debt. Last December, EG Group said a significant chunk of its debt had been paid. EG America's latest nine-store acquisition, which occurred earlier in May, marks the first of what could be many purchases now that its debt load has eased. In an interview with C-Store Dive last month, former CEO John Carey said the company was looking to grow inorganically, especially on the East Coast, where it operates in Connecticut, Maine, New York, New Hampshire, Vermont, Rhode Island and its home state of Massachusetts. The retailer's latest deal signals that it intends to grow the Cumberland Farms banner. Carey — who has since been replaced by EG Group CEO Russell Colaco — said last month that EG America wanted to prioritize rebranding more c-stores to Cumberland Farms, continuing an initiative that began in early 2022. With nearly 600 locations, Cumberland Farms is EG America's largest chain, but the retailer has nine others, including TurkeyHill, QuikStop, Loaf'N Jug and TomThumb. 'It means we want to have one offer… What we haven't done a good job of is pulling the best from [all of our brands] and creating it,' Carey said last month in reference to unifying EG America under the Cumberland Farms banner. Recommended Reading With new faces at the helm, EG America is ready for takeoff
