Issa brothers feature on Sunday Times rich list as they make recovery after losing millions
The billionaire brothers have retained their place as one of the North West’s wealthiest despite posting heavy losses.
The Issa brothers have seen an increase in profits after the sale of their EG Group forecourt as they aim to recover from heavy financial losses.
Despite losing millions following their acquisition of Asda in 2021, the billionaire brothers have once again featured on the Sunday Times rich list.
The list, which was released last week, saw the Blackburn businessmen ranked as the fifth wealthiest in the North West, which was the same position as last year, with their fortune currently standing at £5 billion.
Mohsin and Zuber Issa have made the majority of their wealth through fuel distribution company EG Group which they founded in 2001 which led to them being able to take over supermarket giant Asda.
However their takeover alongside private equity company TDR Capital, has been met with criticism over the years as a mountain of debt has accumulated.
Yet their EG Group empire surged back into the black in 2023 following a £2bn deal with the supermarket giant.
EG Group completed the sale of the majority of its UK and Ireland operations to Asda in October last year, having first announced the deal in May 2023.
Newly-filed accounts with Companies House have now revealed that EG Group reported a $1.4bn (£1.2bn) pre-tax profit for the year, up from a loss of $258m ($415.5m) in 2022.
However, with the Asda deal taken out of the figures, EG Group made a pre-tax loss of $125m (£98.3m).
The new accounts also show that EG Group’s revenue fell from $30.6m (£24m) to $28.3m (£22.2m).
In a statement, EG Group chairman Lord Stuart Rose said: “Despite challenging macroeconomic conditions and ongoing geopolitical uncertainty, EG continues to play an important role in the global delivery of convenience retail, foodservice and fuel to our millions of customers.
“As we look to the year ahead, I believe we have the foundations in place on which to build further growth and success across our operations.”
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