Issa Brother's EG Group sells off historic bakery chain - this is why
The Lancashire-based EG Group, which was founded by brothers Mohsin and Zuber Issa, has announced it has sold-off a history bakery it bought four years ago.
The group, known for its convenience shops and fuel stations, announced it had entered into a “definitive agreement” to sell its Cooplands business to a team of investors based in Yorkshire. Terms of the transaction were not disclosed.
The reason why
A spokesman said: “This sale represents another positive step in EG Group’s ongoing strategy to focus on its core markets in the US and Europe, as the Group develops a platform for further growth through its world-class grocery and merchandise, foodservice and fuel retail proposition.
“The transaction, which also completed today, brings the Cooplands business into the ownership of a management team that is well-positioned to support it in its next chapter.”
It comes after the EG Group announced it was looking to move its headquaters from Blackburn to Charlotte, North Carolina -with the loss of up to 400 Lancashire jobs. The business has also recently sold-off it’s Italian and Australian arms.
Cooplands
EG Group bought Cooplands - the UK’s second largest bakery chain - in October 2021, but failed to make good on plans to open 30 new outlets, and closed its Hull bakery in 2023.
The business was founded by Frederick and Alice Coopland in 1885 and the sale see’s it going ‘home’. The management buy in has been led by David Salkeld, who will reassume his role as Chairman, supported by Paul Coopland, from the original Cooplands family, who will return to the organisation as Non-Executive Director. John Ruddock, who has been with the business for over 20 years, will continue as CEO. Two new executives, John Kitson (CFO) and Steph McGinty (HR & Transformation Director), complete the team.
Cooplands owns and operates two bakeries that manufacture freshly baked products distributed through its supply and logistics network to 154 stores, predominantly across the north-east and Yorkshire regions. It currently employs more than 1,400 people.
John Ruddock, CEO of Cooplands, said: “It is with genuine pride that we announce today’s purchase, which brings Cooplands back under the management of a locally based team with strong and established knowledge of our organisation, our colleagues, suppliers and customers. This gives us the opportunity to focus on strategic growth for the future, whilst preserving the traditional values and excellence for which the brand has been known and respected for over 140 years.”