Asda’s Issa brothers buy the biggest UK bakery chain
The billionaire Issa brothers, who founded the major EG Group, have now bought one of the UK’s biggest bakery chains. In other news, they are also paying once again for their 6.8m Asda acquisition.
Buying the one or the best bakery chains
Brothers Mohsin and Zuber Issa have acquired Cooplands, which employs more than 1,600 people, reports Manchester Evening News (MEN). The move seems to be a part of a wider plan to increase their influence in the food service sector.
EG Group is pleased to announce it has acquired CS Food Group Holdings Limited (“Cooplands”) @cooplandsbakers. Welcome to the EG family! Read full update: https://t.co/haRC43papd #EGGroup #PR pic.twitter.com/Av5JWvo32o
— EG Group (@TheEGGroup) October 4, 2021
Founded in 1885 by Frederick and Alice Coopland and is the second-largest bakery in the country. It distributes to around 180 stores and cafes mostly in the North East and Yorkshire.
The price of Asda returns
The Issa siblings have sold off 27 of their UK petrol stations as part of a huge deal to buy Asda.
The two billionaires bought the widely-known supermarket chain in a £6.8bn deal last year. According to MEN, the Competition and Markets Authority’s (CMA) said that the Asda purchase agreement was based on Issa’s promise to address competition concerns.
Mohsin and Zuber Issa along with TDR Capital LLP offered to divest some of their petrol station firm EG Group’s sites, LancsLive reports. The sale is expected to be agreed in the coming weeks.
In a statement addressing the 27 sold off stations, Issa brothers said: “We are pleased that the sites will be going to an established industry operator in Park Garage Group, a family-run business that is growth orientated.”
Source: Manchester Evening News
(Article Picture Credit: Manchester Evening News)
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