Wed, 16 Jun 2021 | DIVISION SALE
The UK competition regulator has accepted an offer from prospective new owners of Asda to sell 27 petrol stations and satisfy concerns that the sale of the business could lead to higher prices.
A deal to purchase the supermarket chain was agreed between Mohsin and Zuber Issa and private equity backer TDR Capital in October 2020. However, the Issa brothers have subsequently been unable to work directly with Asda after competition regulators expressed concerns that the deal could lead to higher petrol prices for drivers across 36 locations around the country.
To bypass the issue, the Issa brothers offered a deal in May that they said would see them sell off 27 of their current petrol forecourts. This deal has now been officially accepted by the Competition and Markets Authority (CMA) so the new owners can now begin selecting a buyer to purchase the forecourt sites.
Commenting on the news, Asda chief executive and president Roger Burnley stated that it welcomed the acceptance of the proposal and would now begin its search for the right buyers or buyers for the petrol stations.
He said: "We welcome today’s announcement from the CMA, which means we can now fully embark on the next stage of our journey under new ownership and work with Mohsin, Zuber and TDR to build an even stronger Asda that gives our customers outstanding choice, value and service in our stores and online."
TDR and Issa brothers added in a joint statement: "We welcome the CMA’s announcement today marking the end of its review process and acceptance of our proposed undertakings."
EG Group, the forecourt giant owned by the Issa brothers, operates 395 petrol stations in total, 323 of which are owned by Asda.
The concept allows the user to cook meat, fish and vegetables live at the table and can be tailored for any type of cuisine, appealing to almost any style of restaurant and home consumers who enjoy food as an experience. Products are used by many of...
RELOCATABLE
The business trade is known for its recipes and traditional pies, fish, bangers and burgers. A fantastic investment opportunity either for a property investor looking to lease the premises for a rental return, or for an owner / operator wishing to ow...
FREEHOLD
The lounge occupies an excellent location in Manchester city centre, bordering the Northern Quarter and is surrounded by many bars, shops, eateries, hotels & offices. The business also benefits from very high levels pf passing trade.
LEASEHOLD
09
|
Jun
|
Long-standing retail display firm acquired out of administration | BUSINESS SALE
Manchester-based retail display specialist Axiom Marketing S...
09
|
Jun
|
Logistics group completes 23rd acquisition since 2015 | BUSINESS SALE
Logistics firm EFS Global has continued its acquisitive grow...
08
|
Jun
|
UK IT specialist acquired by New York workforce management group | BUSINESS SALE
Gibbs Hybrid, a UK-based IT and business services firm, has ...
Business Sale Report is your complete solution to finding great acquisition opportunities.
Join today to receive:
All this and much more, including the latest M&A news and exclusive resources
Please choose your settings for this site below. For more information please read our Cookie Policy
These cookies are necessary for our website to function properly and provide you with access to all features.
These are analytics cookies that help us to improve the way our website works.
These are used to improve the functional performance of the website and make it easier for you to use.