// Issa brothers are planning to open over 300 Asda convenience stores across their EG Group estate
// The roll out follows a trial of five “Asda on the Move” sites
// The move follows McColl’s currently converting hundreds of its sites to Morrisons Daily formats.
The billionaire Issa brothers are set to make their mark as Asda’s new owners by reportedly planning to open over 300 Asda convenience stores across their EG Group estate.
According to The Sunday Times, Mohsin and Zuber Issa are planning to roll out “Asda on the Move” stores to 400 UK forecourts, following a successful trial of five of these sites.
The brothers acquired the Big 4 grocer last year with private equity firm TDR Capital after Walmart agreed to a £6.8 billion sale.
READ MORE:
- Former M&S boss Stuart Rose might be the next Asda chair
- Confirmed: Walmart agrees £6.8bn sale of Asda to Issa brothers & TDR Capital
- Morrisons to re-enter FTSE 100 as bid speculation sends shares skyrocketing
Under the new ownership structure, the Issa brothers and TDR Capital acquired the majority ownership stake in the supermarket.
The news follows reports of convenience retailer McColl’s preparing a £30 million equity raise to drive the expansion of its Morrisons Daily store format.
McColl’s, a wholesale partner of Morrisons which operates a 1200 store network, is currently converting hundreds of its sites to Morrisons Daily formats.
The convenience store group has confirmed the speculations and said it is “currently exploring options relating to a potential capital raise to increase the number of its Morrisons Daily store conversions, accelerate the pace of roll-out of its Morrisons Daily store conversion programme, and strengthen its balance sheet”.
Click here to sign up to Retail Gazette’s free daily email newsletter
2 Comments. Leave new
Am I not understanding something here, but come 2030 are fuel forecourts not going to be a thing of the past? Will these stores survive without people having to stop for fuel and walk past lots of saturated fats, carbs and sugar on their way to the till?
Errr its only the sale of new cars……. There will be plenty of cars on the road for a good few years to come