- Cumberland Farms has confidentially filed for a Nasdaq listing that could value the company at around £6.6 billion ($9 billion).
- The flotation could value Mohsin and Zuber Issa's individual stakes at about £1.7 billion ($2.3 billion) each.
- The company has shifted its focus to the US after years of acquisitions, debt reduction and business restructuring.
The Issa brothers' Cumberland Farms IPO has moved a step closer after the company confidentially filed for a stock market listing in the US, in a deal that could value the petrol station operator at around £6.6 billion ($9 billion).
Cumberland Farms, formerly known as EG Group, said it had submitted confidential paperwork to the US Securities and Exchange Commission for a listing on the Nasdaq under the ticker CMBY. The company has not yet disclosed how many shares it plans to sell or the expected pricing of the offering.
If the flotation goes ahead, it could value the individual shareholdings of Blackburn-born brothers Mohsin Issa and Zuber Issa at roughly £1.7 billion ($2.3 billion) each, further strengthening their position among Britain's wealthiest entrepreneurs.
From one petrol station to a global retailer
The proposed listing marks another milestone in a business journey that began in 2001, when the brothers bought a single petrol station in Bury, Greater Manchester.
Over the following two decades, they expanded rapidly through acquisitions across Europe, the US and Australia, transforming Euro Garages into one of the world's largest forecourt and convenience retail businesses.
Their biggest deal came in 2021, when they joined forces with private equity firm TDR Capital to acquire supermarket chain Asda in a £6.8 billion takeover.
The partnership has evolved since then. Mohsin Issa remains a minority shareholder in Asda, while Zuber Issa sold his stake in 2024 before building his own forecourt business, EG On The Move. Zuber also stepped down as co-chief executive of Cumberland Farms in 2024, although he continues to serve as a director.
US expansion takes centre stage
The confidential filing comes after the company spent several years simplifying its operations, reducing debt and shifting its focus towards the US market.
The business acquired US-based convenience store chain Cumberland Farms in 2019 and adopted its name for the wider group earlier this year. The company now operates more than 3,200 forecourt sites across the US and Europe.
In 2024, Cumberland Farms generated revenues of £17.8 billion ($24.2 billion) while reporting net debt of £3.9 billion ($5.3 billion) following years of acquisition-led expansion.
As part of its restructuring, the company sold its UK forecourts and convenience stores to Asda. Those sites were later transferred into EG On The Move, a separate business controlled by Zuber Issa, leaving Cumberland Farms increasingly centred on its US operations.
Previous reports suggested the flotation could raise up to £740 million ($1 billion), with most of the proceeds expected to strengthen the company's balance sheet rather than provide a significant payout to existing shareholders.
The listing could also allow private equity investor TDR Capital to begin reducing its investment. TDR owns 50 per cent of the company, while Mohsin and Zuber Issa each hold approximately 25 per cent.
Although the timing of the public offering has not been confirmed, the confidential filing indicates preparations are underway for what could become one of the most closely watched retail listings of the year.
