Zuber Issa is currently in negotiations to acquire shares from his older brother and business collaborator, Mohsin, within segments of their petrol station empire. This marks the latest step in their efforts to divide their respective financial interests.
The Blackburn-based EG Group, which is controlled by Zuber, 51, and Mohsin Issa, 52, and by TDR Capital, the private equity company, told investors that it “continued to have active discussions” with Zuber about divesting some assets in the UK and Ireland, with plans to strike a deal “in the near term”.
It was revealed last month that Zuber was attempting to sell his 22.5 per cent stake in Asda, the supermarkets chain also owned by the Issa brothers and TDR Capital.
Mohsin recently denied rumours of a rift with Zuber, saying in an interview with the BBC that the pair “get on exceptionally well” and “talk probably two or three times a day”.
Numerous reports have indicated that Mohsin's choice to separate from his wife and engage in a relationship with Victoria Price, a former tax partner previously associated with Asda's auditing firm (although not involved with the Asda account), has led to tensions within the family. EG Group was established in 2001 by the brothers when they purchased a BP forecourt in Bury, Greater Manchester.
With the majority of EG's UK business sold to Asda for £2.3 billion a year ago, the bulk of EG's revenue now stems from its 5,500 petrol stations and shops situated across the US, Europe, and Australia.