Issa Brother to Take a Step Back After Successfully ‘Fixing’ Asda
Mohsin Issa, one of the “billionaire brothers” who own Asda, has revealed plans to step back from running the UK’s third-largest supermarket. In his first-ever interview, Issa mentioned a “reset” at Asda before the appointment of a chief executive. Despite the supermarket’s £5 billion debt, Issa expressed commitment for the long term. He dismissed rumors of a rift with his brother Zuber, emphasizing their strong relationship.
The Issa brothers, known for building a business empire in 10 countries, have experienced substantial success, ranking 40th on the Sunday Times Rich List with a net worth of £5.05 billion. From humble beginnings in Blackburn, they ventured into petrol stations, later forming the EG Group, which now spans 6,000 convenience and petrol stations across ten countries.
In 2018, the brothers and TDR Capital acquired Asda from Walmart, incurring significant debt. Despite challenges, including a £4.9 billion debt pile and market share losses to competitors like Aldi and Lidl, Mohsin Issa remains optimistic. He highlighted Asda’s cash generation and sustainable debt structure, which is 90% fixed.
Mohsin Issa oversees Asda while Zuber focuses on the petrol station business and is dedicated to long-term investments. As part of his vision, he led the expansion of Asda Express, aiming to rival other convenience stores. Despite the challenges, including a transition period and increased competition, Issa believes in the company’s ability to regain market share through strategic investments.
The brothers, deeply connected to their hometown, have expanded their business interests, acquiring brands like Leon. While expressing a sense of responsibility as custodian of the Asda brand, Issa acknowledged past controversies in their empire-building journey, emphasizing an entrepreneurial spirit that always seeks opportunities.
Mohsin Issa indicated that he is now reaching a point where he can step aside and appoint a chief executive to lead Asda. Despite the ongoing challenges, he remains open to opportunities, reflecting an entrepreneur’s mindset deeply embedded in their DNA.
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