Skip to content
Search

Latest Stories

EG Group ropes in investment bankers to market several parcels of US assets: report

Real estate-focused investment bank Eastdil has reportedly been roped in to lead the process.

EG Group ropes in investment bankers to market several parcels of US assets: report

The UK's EG Group has reportedly roped in investment bankers to market a number of parcels of US assets with Eastdil, a real-estate investment bank, leading the process.

According to a report by Sky News that cited sources, the transactions were most likely to be structured as sale-leaseback deals and could raise a substantial amount in the near future.


The Lancashire-based EG Group trades from over 6,500 sites across the world.

In its latest quarterly update to bondholders, the EG Group said the management aims at reducing total net leverage through reduction of debt and generation of free cash flow and that the group is exploring deleveraging options actively.

A source close to the company told the outlet that firm decisions were yet to be taken about any particular transaction.

EG was founded in 2001 by brothers Mohsin and Zuber Issa, and it has seen a steady growth into one of Britain's biggest convenience retailers, thanks to a combination of organic growth and acquisitions.

The Issa brothers later partnered with TDR Capital to boost EG's growth.

TDR Capital is the private equity firm behind large firms such as David Lloyd Leisure and Stonegate, the UK's biggest pubs operator.

In 2021, the businessmen brothers jointly bought supermarket chain Asda with TDR.

EG has operations in as many as 10 countries, including Australia, and an international property empire said to be worth around $10 billion (£8.07 billion).

The company entered the American convenience store market five years ago when it acquired Cincinnati-based The Kroger Co.'s c-store network for $2.15 billion (£1.73 billion), getting a base of 762 c-stores functional in 18 states, Convenience Store News reported.

The group had previously explored a sale that could have been valued at roughly $15 billion (£12.1 billion) in 2021 fall, as CSN reported earlier. The company also considered going public at the time, it was learnt.

It also considered a merger with Laval, Canada-based Alimentation Couche-Tard Inc. Last year, a Wall Street Journal report indicated that the two retailers across the Atlantic were exploring a possible tie-up and even traded proposals that put the UK-based group's value around $16 billion (£12.9 billion) then.

EG Group's US arm based in Westborough, Massachusetts, runs over 1,700 convenience and gas stores in 31 states in the country and its banner in the US has the likes of Cumberland Farms, Certified Oil, Fastrac, KwikShop, Loaf n' Jug, Minit Mart, QuikStop, Sprint and Turkey Hill.

More For You

Prudential to list Indian asset management venture

Prudential chief executive Anil Wadhwani

Prudential to list Indian asset management venture

INSURER Prudential plc announced that it is considering a partial listing of its stake in ICICI Prudential Asset Management, one of India's leading investment firms. The news sent Prudential's shares soaring by 5.8 per cent to close at 722p on the London Stock Exchange.

The FTSE 100 company currently holds a 49 per cent stake in the Indian joint venture, which market analysts estimate to be worth around £4 billion. ICICI Bank, which owns the remaining 51 per cent, has confirmed its intention to maintain its majority shareholding, emphasising its "long-term commitment" to the partnership that began in 1998, reported the Times.

Keep ReadingShow less
NatWest-Reuters

The bank has set a new performance target, aiming for a return on tangible equity of 15-16 per cent in 2025 and above 15 per cent by 2027. (Photo: Reuters)

What’s driving NatWest’s better-than-expected profit growth?

NATWEST reported higher-than-expected annual profit on Friday, supported by its growth strategy, improved productivity, and capital management efforts.

The bank, which once had assets worth 2.2 trillion pounds—more than twice the size of the British economy—has undergone years of restructuring to focus mainly on domestic consumer and mortgage lending.

Keep ReadingShow less
London business district
A general view shows the London's financial district from an office window in Canary Wharf. (Photo: Getty Images)

Economy grows 0.1 per cent in fourth quarter, defying expectations

THE UK economy expanded by 0.1 per cent in the final quarter of 2024, contrary to forecasts of a contraction, according to official data released on Thursday.

The growth, supported by a stronger-than-expected 0.4 per cent rise in December, offers some relief to chancellor Rachel Reeves as she navigates broader economic challenges.

Keep ReadingShow less
BP-Reuters

Fourth-quarter profit dropped 61 per cent compared to the previous year, marking BP’s weakest results since Q4 2020, when the pandemic reduced global oil demand. (Photo: Reuters)

BP reports lowest quarterly profit in four years, plans strategy reset

BP reported a quarterly profit of £943 million on Tuesday, falling short of expectations and marking its lowest in four years.

The company said it plans a "fundamental reset" of its strategy, days after reports that Elliott Management had taken a stake in the oil major.

Keep ReadingShow less
Shein-Reuters

Shein had aimed to go public in London in the first half of this year, subject to regulatory approvals in the UK and China. (Photo: Reuters)

Shein cuts valuation to £40 billion for London listing

SHEIN is preparing to lower its valuation to around £40 billion for a potential initial public offering (IPO) in London, according to three Reuters sources familiar with the matter.

This is nearly 25 per cent lower than the company's 2023 fundraising valuation as it faces increasing challenges.

Keep ReadingShow less