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Issa Brothers Redefine Their Empire: A New Chapter of Strategic Restructuring-The rags-to-riches story of billionaire brothers Mohsin and Zuber Issa is entering a new, transformative phase. The founders of the global forecourt and convenience retail giant EG Group are fundamentally reshaping their business interests, marked by a major headquarters shift, strategic asset sales, and a clear divergence in their individual roles, Daily Dazzling Dawn understands.
A New Direction for EG Group: A US-Centric Future-In a significant move that signals the end of an era for their Blackburn-based business, EG Group is relocating its global headquarters to Charlotte, North Carolina. This decision underscores the company's focus on its largest and most lucrative market, the United States. The move, announced ahead of a potential $13 billion flotation on the New York stock exchange, is a logical step given that the US generates the largest portion of EG Group's revenue.
The company's remaining British operations will be consolidated into a new European shared service center in Bolton, Greater Manchester. While the company assures that this move reflects its reduced UK presence and aims to retain talent, it marks a significant departure from the brothers' roots in Blackburn, which has been the epicentre of their empire for nearly 25 years.
A Period of Strategic Sales to Reduce Debt-The brothers' journey, while hugely successful, has been fueled by ambitious debt-driven expansion. As interest rates have risen, EG Group has embarked on a series of strategic asset disposals to reduce its significant debt load. In recent months, the company has announced the sale of its Italian operations for £367 million and its Australian business for over half a billion pounds. These sales are a core part of the company's deleveraging plan, strengthening its financial position and setting the stage for future growth.
Evolving Roles and Separate Business Ventures-A notable development in the Issa brothers' story is the clear delineation of their business interests. Mohsin Issa, who stepped down as CEO of EG Group earlier this year, has handed control to Russell Colaco, the company's new chief executive, who is based in New York City. Mohsin remains a co-owner of EG Group and a key figure in the company's direction.
Meanwhile, Zuber Issa has carved out his own path. He sold his 22.5% stake in the supermarket chain Asda to private equity firm TDR Capital to focus on other ventures. He also acquired EG Group's remaining UK forecourt business, spinning it off into a completely separate company called EG On The Move, which remains headquartered in Blackburn. This move effectively creates a rival forecourt business to the one he co-founded with his brother.
While media reports have suggested a potential falling out, sources close to the brothers have dismissed these claims. The business separation appears to be a strategic decision, with each brother focusing on their respective areas of expertise and interest.
The Brothers' Philanthropic and Personal Lives-Despite their immense wealth and global business operations, the brothers have maintained a low profile and a strong connection to their hometown of Blackburn. They are known to still live in the area, close to where they grew up in a modest terraced house. Their deep ties to the community are evident in their local philanthropic efforts.
Through their registered charity, the Issa Foundation, they have initiated several notable projects, including a new mosque and plans for one of the UK's largest cemeteries near Blackburn. The foundation's focus is on the "advancement of education health and employment of people in need." In 2022, for instance, they made a £350,000 donation to a local hospital trust, providing life-saving defibrillators. Their charitable efforts and contributions to business were recognized with the Commander of the Order of the British Empire (CBE) in 2020. The brothers, who are Muslims, have also been praised for their contributions to mankind through various community and international aid projects supported by their foundation.
Their personal lives, though private, have also been a focus of local interest. Mohsin and Zuber are building a series of mega-mansions close to their childhood home, a testament to their desire to remain rooted in the community that shaped them. They are married, and Zuber's wife, Asma, has spoken in rare interviews about their humble beginnings and the brothers' very different personalities, with Zuber being more approachable and Mohsin more work-oriented.
The Issa brothers' journey is a compelling narrative of ambition, strategic evolution, and a steadfast commitment to their roots, even as their empire expands across the globe.
