JOHN VINCENT has bought back the Leon restaurant chain from Asda, four years after selling it to billionaire brothers Mohsin and Zuber Issa.
The deal sees Vincent reclaim 46 Leon restaurants and 25 franchise sites, reportedly at a significant discount to the £100 million he and co-founder Henry Dimbleby received when they sold the business in 2021, media reports said.
Industry sources suggest the purchase price could be between £30m and £50m.
The sale comes amid mounting criticism that Leon has abandoned its founding mission to serve "delicious food that is convenient and healthy" in favour of cheaper, unhealthy options.
Speaking in early October, Dimbleby accused Asda of "destroying" the brand, saying: "I know how easy it is to be sucked down into just going for the thing that's tasty, the sugar, the salt, something that's cheap."
He added: "What they've gone to here is they've realised chips sell, air fryers sell, that's the cheapest way to make money. But in the long term, that's going to destroy the brand."
Under Asda's ownership, Leon has added high-calorie items including burgers, chicken nuggets, cookies and cakes to its menu. It has also launched frozen food options and microwaveable pouches for supermarkets, featuring fish fingers, chicken burgers and hash browns.
Leon's revenues fell from £64.9m in 2023 to £62.5m in 2024, though pre-tax losses narrowed from £19.6m to £8.4m.
Vincent, who founded Leon in 2004 with Dimbleby and Allegra McEvedy, said he now needs to take a "good look under the bonnet" before making "big decisions" about the chain's future.
"If you are a Leon guest, I want you to know we are on the case," he was quoted as saying "We will now get on with dedicating ourselves to your enjoyment and to your health."
The Issa brothers originally bought Leon through their petrol forecourt business EG Group in 2021. They sold it to sister company Asda two years later as part of a £2 billion deal aimed at reducing EG's debt burden.
Mohsin Issa remains a shareholder in Asda, which is controlled by private equity firm TDR Capital. His brother Zuber sold his stake in the supermarket last year.
Asda itself has been struggling against competition from discount chains Aldi and Lidl, as well as rivals Tesco, Sainsbury's and Morrisons. The supermarket swung to a loss of almost £600m last year as finance costs soared by 38 per cent.
"We would like to thank Leon colleagues for their contribution and hard work during the last two years as part of the Asda business and wish them all the best as they move forward under new ownership," said an Asda spokesman.
