Walmart's decision to sell Asda for £6.8 billion ($8.79bn) may not be a big surprise for many.
America’s largest retailer had been shopping around for a buyer for the British supermarket for some time, almost offloading the chain to Sainsbury’s last year for £7.3bn.
The bid was later rejected by an antitrust regulator over fears the merged company would dominate the UK grocery sector.
News on Friday, however, that Asda had been purchased by British billionaires Mohsin Issa, 49, and his brother Zuber, 48, was a little more of a surprise for the City of London.
We are very proud to be investing in Asda, an iconic British business that we have admired for many years.
After all, where did these brothers, who are reported to be worth £3.56bn, spring from?
The siblings are the owners of Euro Garages, now called EG Group – a company they set up in Blackburn in 2001 with the purchase of a single petrol station in Bury, on the outskirts of Manchester.
Since then, the company has become one of the country’s most recognisable forecourt operators and now has a global presence with 6,000 sites across 10 countries, including in the UK, Europe, the US and Australia.
EG Group also operates outlets for the supermarket chains Spar and Carrefour, as well as the coffee company Starbucks and takeaway brands such as Subway, Burger King, KFC and Greggs.
Despite this global reach, the brothers still run the company from their home town of Blackburn in the county of Lancashire. They recently unveiled a new headquarters worth £35m.
It is quite the rags-to-riches tale that started in the early 1970s when their parents immigrated to Britain from Gujarat in India, with the brothers born shortly after.
After settling in Blackburn, the family bought a petrol station where the brothers started their career selling fuel and refreshments.
When their parents later sold the business, it gave the brothers an idea.
"Fuel sales were declining," Zuber told the Financial Times in an interview in 2018.
“We wanted to create a destination where you could get fuel, food-to-go and shopping. This is the formula and it works. We were fortunate that the big players were leaving the market just as we were growing."
That business decision helped them amass a fortune that includes a £25m townhouse in Kensington in London and a private jet housed in a hangar at Blackpool airport alongside Donald Trump’s personal helicopter, according to media reports.
The brothers are now building five identical mansions about 4.8 kilometres away from the £115,000 home in which they grew up in. Mohsin is expected to live there with his wife and two grown-up children.
"People are always asking when we will move to London or Manchester," Zuber told the Financial Times.
"But the quality of life here is great. A lot of people do a few years in London then come to the north-west. They want to raise a family and have less pressure. We have got a lot of fantastic people that way."
Staying close to home has paid off for the pair, with their incredible fortune coming from their transformation of the petrol station experience.
They turned forecourts from places where you merely filled up your car and collected a couple of snacks or pre-packaged sandwiches, to locations offering appetising food to a captive audience.
Franchise agreements followed with leading brands such as Starbucks, with the company now the largest Subway franchisee in Europe.
Private equity group TDR Capital spotted their potential and bought a 50 per cent stake in the company in 2015. The Issa brothers retain the other 50 per cent.
In 2017, Euro Garages bought Dutch-based forecourt operator EFR Group, and the company was renamed EG Group. The new company later bought 1,000 garages from Esso in Germany.
Since then, EG Group has been on a spending spree, snapping up sites in the US, Italy and Australia. It also became the largest KFC franchisee in Europe this year after buying 145 outlets in the UK and Ireland.
Now the brothers are global names, after winning the bid to acquire Asda from Walmart in an auction process that lasted several months.
Under Asda’s ownership structure, the Issa brothers, along with TDR Capital, will take up a majority stake in the supermarket chain on a debt-free and cash-free basis, while Walmart retains a minority stake and a seat on the board.
The brothers said on Friday that they were “proud” to be investing in an “iconic British business that we have admired for many years”.
They also stressed that their experience, including their “expertise” around convenience and brand partnerships, would help to hasten Asda’s growth strategy.
Some of that know-how comes from their shop-floor experience at the very start of their career.
"We grew [EG] from nothing," Zuber told the Financial Times before the company's interest in Asda was disclosed.
“We have been on the pumps, we have been stocking the shelves, cleaning the toilets. You do everything. And once you do the foundation work, it is no different wherever you go in the world. It is a petrol station; you are selling fuel, you are selling coffee, you are selling convenience.”
The Issas’ statement on Friday highlighted their commitment to focus on British-sourced products, such as meat, in Asda supermarkets, a strategy that may be key as the UK heads towards its exit from the European Union later this year.
Their company cares about the environment too. To help consume less energy, Euro Garages invested £3.2m in the installation of LED lighting across its UK sites to consume less energy, according to the company's website.
A further £2.6m provided solar panels for more than 20 per cent of EG sites to reduce their carbon footprint. Six of its motorway service stations feature rainwater harvesting systems, while the company invested £6m on renewable energy sources across its UK sites.
Like their luxury houses and their company headquarters, which are located close to where they grew up, the brothers said Asda’s base would remain at its home in Leeds and that Mr Burnley will remain as chief executive.
One thing is for sure: the brothers understand how to make money, even during a pandemic, with their non-fuel business trading around normal levels throughout the crisis.
The company "makes more money selling a cup of coffee than we would do on an average tank fill-up", Mohsin told the Financial Times.
The specs
Engine: 4.0-litre V8
Power: 503hp at 6,000rpm
Torque: 685Nm at 2,000rpm
Transmission: 8-speed auto
Price: from Dh850,000
On sale: now
Key facilities
- Olympic-size swimming pool with a split bulkhead for multi-use configurations, including water polo and 50m/25m training lanes
- Premier League-standard football pitch
- 400m Olympic running track
- NBA-spec basketball court with auditorium
- 600-seat auditorium
- Spaces for historical and cultural exploration
- An elevated football field that doubles as a helipad
- Specialist robotics and science laboratories
- AR and VR-enabled learning centres
- Disruption Lab and Research Centre for developing entrepreneurial skills
Dust and sand storms compared
Sand storm
- Particle size: Larger, heavier sand grains
- Visibility: Often dramatic with thick "walls" of sand
- Duration: Short-lived, typically localised
- Travel distance: Limited
- Source: Open desert areas with strong winds
Dust storm
- Particle size: Much finer, lightweight particles
- Visibility: Hazy skies but less intense
- Duration: Can linger for days
- Travel distance: Long-range, up to thousands of kilometres
- Source: Can be carried from distant regions
UAE currency: the story behind the money in your pockets
Results
2.30pm: Handicap (PA) Dh40,000 1,700m; Winner: AF Mezmar, Adam McLean (jockey), Ernst Oertel (trainer).
3pm: Maiden (PA) Dh40,000 2,000m; Winner: AF Ajwad, Tadhg O’Shea, Ernst Oertel.
3.30pm: Handicap (PA) Dh40,000 1,200m; Winner: Gold Silver, Sam Hitchcott, Ibrahim Aseel.
4pm: Maiden (PA) Dh40,000 1,000m; Winner: Atrash, Richard Mullen, Ana Mendez.
4.30pm: Gulf Cup Prestige (PA) Dh150,000 1,700m; Winner: AF Momtaz, Saif Al Balushi, Musabah Al Muhairi.
5pm: Handicap (TB) Dh40,000 1,200m; Winner: Al Mushtashar, Richard Mullen, Satish Seemar.
GAC GS8 Specs
Engine: 2.0-litre 4cyl turbo
Power: 248hp at 5,200rpm
Torque: 400Nm at 1,750-4,000rpm
Transmission: 8-speed auto
Fuel consumption: 9.1L/100km
On sale: Now
Price: From Dh149,900
How much do leading UAE’s UK curriculum schools charge for Year 6?
- Nord Anglia International School (Dubai) – Dh85,032
- Kings School Al Barsha (Dubai) – Dh71,905
- Brighton College Abu Dhabi - Dh68,560
- Jumeirah English Speaking School (Dubai) – Dh59,728
- Gems Wellington International School – Dubai Branch – Dh58,488
- The British School Al Khubairat (Abu Dhabi) - Dh54,170
- Dubai English Speaking School – Dh51,269
*Annual tuition fees covering the 2024/2025 academic year
COMPANY%20PROFILE
%3Cp%3E%3Cstrong%3EName%3A%20%3C%2Fstrong%3EQureos%0D%3Cbr%3E%3Cstrong%3EBased%3A%20%3C%2Fstrong%3EUAE%0D%3Cbr%3E%3Cstrong%3ELaunch%20year%3A%20%3C%2Fstrong%3E2021%0D%3Cbr%3E%3Cstrong%3ENumber%20of%20employees%3A%20%3C%2Fstrong%3E33%0D%3Cbr%3E%3Cstrong%3ESector%3A%20%3C%2Fstrong%3ESoftware%20and%20technology%0D%3Cbr%3E%3Cstrong%3EFunding%3A%20%3C%2Fstrong%3E%243%20million%0D%3Cbr%3E%3C%2Fp%3E%0A
MOUNTAINHEAD REVIEW
Starring: Ramy Youssef, Steve Carell, Jason Schwartzman
Director: Jesse Armstrong
Rating: 3.5/5
What is blockchain?
Blockchain is a form of distributed ledger technology, a digital system in which data is recorded across multiple places at the same time. Unlike traditional databases, DLTs have no central administrator or centralised data storage. They are transparent because the data is visible and, because they are automatically replicated and impossible to be tampered with, they are secure.
The main difference between blockchain and other forms of DLT is the way data is stored as ‘blocks’ – new transactions are added to the existing ‘chain’ of past transactions, hence the name ‘blockchain’. It is impossible to delete or modify information on the chain due to the replication of blocks across various locations.
Blockchain is mostly associated with cryptocurrency Bitcoin. Due to the inability to tamper with transactions, advocates say this makes the currency more secure and safer than traditional systems. It is maintained by a network of people referred to as ‘miners’, who receive rewards for solving complex mathematical equations that enable transactions to go through.
However, one of the major problems that has come to light has been the presence of illicit material buried in the Bitcoin blockchain, linking it to the dark web.
Other blockchain platforms can offer things like smart contracts, which are automatically implemented when specific conditions from all interested parties are reached, cutting the time involved and the risk of mistakes. Another use could be storing medical records, as patients can be confident their information cannot be changed. The technology can also be used in supply chains, voting and has the potential to used for storing property records.
Lexus LX700h specs
Engine: 3.4-litre twin-turbo V6 plus supplementary electric motor
Power: 464hp at 5,200rpm
Torque: 790Nm from 2,000-3,600rpm
Transmission: 10-speed auto
Fuel consumption: 11.7L/100km
On sale: Now
Price: From Dh590,000
Miguel Cotto world titles:
WBO Light Welterweight champion - 2004-06
WBA Welterweight champion – 2006-08
WBO Welterweight champion – Feb 2009-Nov 2009
WBA Light Middleweight champion – 2010-12
WBC Middleweight champion – 2014-15
WBO Light Middleweight champion – Aug 2017-Dec 2017
Batti Gul Meter Chalu
Producers: KRTI Productions, T-Series
Director: Sree Narayan Singh
Cast: Shahid Kapoor, Shraddha Kapoor, Divyenndu Sharma, Yami Gautam
Rating: 2/5
INDIA SQUAD
Rohit Sharma (captain), Shikhar Dhawan (vice-captain), KL Rahul, Suresh Raina, Manish Pandey, Dinesh Karthik (wicketkeeper), Deepak Hooda, Washington Sundar, Yuzvendra Chahal, Axar Patel, Vijay Shankar, Shardul Thakur, Jaydev Unadkat, Mohammad Siraj and Rishabh Pant (wicketkeeper)
WHAT IS A BLACK HOLE?
1. Black holes are objects whose gravity is so strong not even light can escape their pull
2. They can be created when massive stars collapse under their own weight
3. Large black holes can also be formed when smaller ones collide and merge
4. The biggest black holes lurk at the centre of many galaxies, including our own
5. Astronomers believe that when the universe was very young, black holes affected how galaxies formed
AIDA%20RETURNS
%3Cp%3E%3Cstrong%3EDirector%3A%20%3C%2Fstrong%3ECarol%20Mansour%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3EStarring%3A%20%3C%2Fstrong%3EAida%20Abboud%2C%20Carol%20Mansour%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3ERating%3A%3C%2Fstrong%3E%203.5.%2F5%3C%2Fp%3E%0A
NO OTHER LAND
Director: Basel Adra, Yuval Abraham, Rachel Szor, Hamdan Ballal
Stars: Basel Adra, Yuval Abraham
Rating: 3.5/5
Ferrari 12Cilindri specs
Engine: naturally aspirated 6.5-liter V12
Power: 819hp
Torque: 678Nm at 7,250rpm
Price: From Dh1,700,000
Available: Now
Timeline
1947
Ferrari’s road-car company is formed and its first badged car, the 125 S, rolls off the assembly line
1962
250 GTO is unveiled
1969
Fiat becomes a Ferrari shareholder, acquiring 50 per cent of the company
1972
The Fiorano circuit, Ferrari’s racetrack for development and testing, opens
1976
First automatic Ferrari, the 400 Automatic, is made
1987
F40 launched
1988
Enzo Ferrari dies; Fiat expands its stake in the company to 90 per cent
2002
The Enzo model is announced
2010
Ferrari World opens in Abu Dhabi
2011
First four-wheel drive Ferrari, the FF, is unveiled
2013
LaFerrari, the first Ferrari hybrid, arrives
2014
Fiat Chrysler announces the split of Ferrari from the parent company
2015
Ferrari launches on Wall Street
2017
812 Superfast unveiled; Ferrari celebrates its 70th anniversary
Most F1 world titles
7 — Michael Schumacher (1994, ’95, 2000, ’01 ’02, ’03, ’04)
7 — Lewis Hamilton (2008, ’14,’15, ’17, ’18, ’19, ’20)
5 — Juan Manuel Fangio (1951, ’54, ’55, ’56, ’57)
4 — Alain Prost (1985, ’86, ’89, ’93)
4 — Sebastian Vettel (2010, ’11, ’12, ’13)
Indoor cricket in a nutshell
Indoor cricket in a nutshell
Indoor Cricket World Cup - Sept 16-20, Insportz, Dubai
16 Indoor cricket matches are 16 overs per side
8 There are eight players per team
9 There have been nine Indoor Cricket World Cups for men. Australia have won every one.
5 Five runs are deducted from the score when a wickets falls
4 Batsmen bat in pairs, facing four overs per partnership
Scoring In indoor cricket, runs are scored by way of both physical and bonus runs. Physical runs are scored by both batsmen completing a run from one crease to the other. Bonus runs are scored when the ball hits a net in different zones, but only when at least one physical run is score.
Zones
A Front net, behind the striker and wicketkeeper: 0 runs
B Side nets, between the striker and halfway down the pitch: 1 run
C Side nets between halfway and the bowlers end: 2 runs
D Back net: 4 runs on the bounce, 6 runs on the full
Results:
6.30pm: Maiden Dh165,000 2,000m - Winner: Powderhouse, Sam Hitchcott (jockey), Doug Watson (trainer)
7.05pm: Handicap Dh165,000 2,200m - Winner: Heraldic, Richard Mullen, Satish Seemar
7.40pm: Conditions Dh240,000 1,600m - Winner: Walking Thunder, Connor Beasley, Ahmed bin Harmash
8.15pm: Handicap Dh190,000 2,000m - Winner: Key Bid, Fernando Jara, Ali Rashid Al Raihe
8.50pm: The Garhoud Sprint Listed Dh265,000 1,200m - Winner: Drafted, Sam Hitchcott, Doug Watson
9.25pm: Handicap Dh170,000 1,600m - Winner: Cachao, Tadhg O’Shea, Satish Seemar
10pm: Handicap Dh190,000 1,400m - Winner: Rodaini, Connor Beasley, Ahmed bin Harmash
UAE currency: the story behind the money in your pockets
