Fresh fast food restaurant chain Leon acquired by EG Group
19 Apr 2021 --- British fresh fast food chain Leon has been snapped up by billionaire Issa brothers of the EG Group, the gas station operator. As part of a growth push, the EG Group is investing in the restaurant brand with plans to develop its menu and expand sites from next year. This could include a number of drive-thru-style restaurants.
The deal is reportedly worth £100 million (US$138.8 million).
There is also potential to sell Leon’s products across its retail stores.
This investment from the EG Group closely follows its major acquisition in February when, alongside TDR Capital, it acquired supermarket Asda. Meanwhile, Walmart retains “an equity investment” in Asda.
The EG Group is a British retailer based in Blackburn, England, which operates petrol stations and fast food outlets in Europe, the US and Australia. It is run by Mohsin Issa and Zuber Issa.
Portfolio expansion
The Issa brothers have been on somewhat of an acquisition trail lately. They agreed to buy Asda for £6.8 billion (US$9.4 billion), however, the takeover still needs to be approved by the UK’s Competition and Markets Authority. A decision is expected this week.
The brothers have also reportedly bid for Caffè Nero, an Italian-style British coffee house.
Leon currently has 42 restaurants dotted around large cities in the UK. It also operates 29 sites run by franchisees, mainly located in airports and railway stations across Britain and the Netherlands, Norway, Ireland, Spain, and Switzerland. There are also some outlets located in service stations.
Edited by Gaynor Selby
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