- EG Group is reportedly preparing talks with US banks ahead of a possible listing later in 2026.
- The company could list in New York under the Cumberland Farms name.
- Another major business may bypass London for deeper capital markets overseas.
The petrol forecourts business founded by brothers Mohsin Issa and Zuber Issa is reportedly considering a £6.7 billion stock market listing in the US.
EG Group is expected to hold discussions with major US banks next week as part of early preparations for an initial public offering, which could take place later in 2026, according to Sky News. Banking sources reportedly told the broadcaster that the company may list in New York under the Cumberland Farms name.
The Issa brothers are said to each own around 25 per cent of EG Group, with about 50 per cent held by TDR Capital, which also owns Asda.
Sky News reported that banks including Bank of America, Goldman Sachs, JP Morgan and Morgan Stanley are likely to be involved in the selection process.
EG Group declined to comment on the reported plans.
London listings lose another contender
If confirmed, the move would be another setback for the London market, which has seen several companies either delay listings or shift their focus overseas in recent years. Firms have increasingly looked to foreign exchanges to tap larger pools of capital and higher valuations.
In June 2025, Indivior said it would cancel its secondary listing on the London Stock Exchange from July-end, citing cost savings and a closer alignment with its US operations. In November 2025, shareholders of AstraZeneca approved a direct listing on the New York Stock Exchange, reportedly to access deeper capital markets.
Bankers are said to believe a US listing makes strategic sense for EG Group. The company’s largest single market is now the US, and its global headquarters is moving to Charlotte, North Carolina. Its chief executive, Russell Colaco, is based in the US, while the board is chaired by Lord Rose, the former Marks and Spencer and Asda chairman.
Although EG Group was founded in Britain, its business has become increasingly international. In recent years, it has reduced borrowings by selling assets, including the majority of its UK forecourts to Asda.
The Issa brothers started the company with a single petrol station and expanded it into a global operation with roughly 4,300 sites across the UK, Europe, North America and Australia. EG Group employs around 33,000 people and serves close to one billion customers each year.
In 2020, the brothers bought Asda for £6.8 billion but later stepped back from their roles at the supermarket as it lost market share. Whether EG Group ultimately opts for New York or reconsiders London remains to be seen, but the reported talks are likely to reignite debate about the UK’s ability to retain large-scale listings.
