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Euro Garage Issa brothers


spygirl
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This is where a lot of ecb qe junk money is flowing.

Hot debt markets fuel growth of Blackburn’s petrol pump empire

EG Group has grown into a behemoth of Europe’s leveraged loan and junk bond markets

https://www.ft.com/content/356acc82-fb11-11e9-98fd-4d6c20050229

Total junk.

https://www.lancashiretelegraph.co.uk/news/17967187.blackburns-euro-garages-brothers-net-5billion-stock-deal/

Wont survive a cursory kicking of tyres.

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I don't know anything about EG Group's financing etc, but someone I know had some relatively large financial dealings with one of the brothers and he and his family were thoroughly decent people. Good luck to them. They're well liked and respected in the town.

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  • 2 weeks later...

EG Group, and the private equity firm TDR Capital that owns half of the company, declined to comment.

Well blow me down...

Private equity, record debt pile... let's see how this one pans out.

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  • 1 month later...
PatronizingGit
On 01/11/2019 at 20:34, spygirl said:

This is where a lot of ecb qe junk money is flowing.

Hot debt markets fuel growth of Blackburn’s petrol pump empire

EG Group has grown into a behemoth of Europe’s leveraged loan and junk bond markets

https://www.ft.com/content/356acc82-fb11-11e9-98fd-4d6c20050229

Total junk.

https://www.lancashiretelegraph.co.uk/news/17967187.blackburns-euro-garages-brothers-net-5billion-stock-deal/

Wont survive a cursory kicking of tyres.

Bottom falling out the  junk bond mkt? £138mn loss last year owing to £392mn financing costs. Over £5bn in borrowing liabilities total liabilities of over £7.2bn.

 

Goodwill stated as over £2.5bn, property nearly 3. No idea if these are good/bad/average for industry, but perhaps, given QE has forced money to search for yield in questionable businesses...maybe thats coming to an end (until QE ramps up again)

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  • 4 months later...
PatronizingGit

Unless you have a fuel card and company expenses, who pays 20p a litre more at these than the supermarket pumps and £3 plus for a soggy sandwich?

 

 

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12 minutes ago, PatronizingGit said:

Unless you have a fuel card and company expenses, who pays 20p a litre more at these than the supermarket pumps and £3 plus for a soggy sandwich?

 

 

Not in my company. We are told a few years back we will not be reimbursed for fuel payments made at service stations.

When the policy first came in I hadn’t bought at one for years and thought WTF? But then was caught short on the M4 and goughed for something like 30p a litre. Then I understood. Suffice to say I didn’t fill the tank....

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  • 3 weeks later...
  • 4 months later...

Deloitte resigns as EG Group auditor over governance concerns

Petrol stations group loses Big Four firm soon after its owners seal £6.8bn deal to buy Asda from Walmart

https://www.ft.com/content/9fc64c00-0813-49b0-bb77-faca20ce3474


EG Group did not specify the reason for Deloitte’s resignation in its notice, but the people told the Financial Times that the company’s auditor for the past four years had resigned because of governance concerns. One of these people added that the resignation was triggered by concerns at Deloitte that EG Group’s controls had not improved in line with its growth.

Itll be run as a 6bln Adbul Kashmiri mini mart

Top rated coments:

A popover with more user information
 
EG’s business model for vehicle fuels sales has worked well to date, buying cheaply with cheap finance and turning failing filling stations into drive in general retail units. The group has grown with the support of both major and independent fuel suppliers anxious to safeguard fossil fuel sales. Margin on fuel per litre is tiny. Filling stations in essence are tax gatherers generating high sales throughput.
 
EG have expanded so quickly on a high debt to equity ratio, one wonders how good the internal financial controls are to manage debt and growth. The sting in the tail, is the high heritage and environment costs of site remediation when a filling station is closed, before a planning change of use can be made. Deloitte would not give up a good client unless they had concerns. The reason or reasons will leak out in due course. 
 
ASDA has been touted for sale around the market for some time .Future investment needs to keep market share in a maturing market were seen as challenging with better investment returns in other sectors by the previous owner.
 
EG  have clearly seen the writing on the wall for fossil fuel sales  and are seeking a new venture that could provide immediate synergies in the present decade. How they can take on Aldi and Lidl, the jury is out, but the addition of ASDA filling stations increases market share and purchasing clout. As long as the cost of funds remain low the show will go on unless management controls fail. 
 
This company has red flags all over. Debt funded expansion, questionable revenue and profitability, cross section acquisition of ASDA, uncertaint prospect due to growing popularity of EVs... Glad an IPO is not mentioned but feel sorry for ASDA staff.
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Headline slightly revised, in a very expensive way

EG Group’s bonds fall after auditor’s abrupt resignation

Petrol station company’s owners recently agreed £6.8bn takeover of UK grocer Asda

 

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Was it really only 2 weeks ago that they bought ASDA ....

 

Billionaire Asda buyers lose Deloitte: Auditor backs out of four year relationship to be replaced by KPMG

https://www.thisismoney.co.uk/money/markets/article-8840875/Billionaire-Asda-buyers-lose-auditor-Deloitte.html

Anger as newly-honoured billionaire brothers who bought Asda for £7bn head for Jersey tax haven

https://www.thisismoney.co.uk/money/markets/article-8832105/Anger-billionaire-Asda-brothers-head-Jersey-tax-haven.html

 

Staernge that last one. The BBC dont seem to have reported it, after spending so much time going on about simle Blackburn brothers billionaires (wink wink muslim ... they cant all be bad ..)

 

The billionaire brothers who bought Asda for £7billion were last night facing questions over their decision to transfer ownership of the British supermarket to a controversial tax haven.

Under the deal struck by Mohsin and Zuber Issa, who were made CBEs in the Queen's Birthday Honours list, the grocer will be legally controlled by a parent company based in Jersey.

Experts yesterday said there were several benefits to operating from the Crown dependency, which charges a corporate tax rate of zero.

 

If that was even remotely true then why havent loads of other UK companies moved there????

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9 minutes ago, Chewing Grass said:

Now where are the Prosties, we have Boom Boom good time.

Theres a distinct sniff of magic beans n fraud about this whole fast unravelling fuckup.

'We be onyl simple from India. We no know the bad men would lend us money. We no know wjere 100m is gone.'

 

 

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51 minutes ago, spygirl said:

 

 

If that was even remotely true then why havent loads of other UK companies moved there????


I don't think so many do anymore

 

https://www.kreston.com/wp-content/uploads/2016/10/Jersey.pdf

How much Corporation Tax will the business pay? A standard rate of 0% corporation tax applies in Jersey. A higher rate of 10% is levied on defined regulated business established in Jersey, such as banks and trust companies. Utility companies and income from Jersey property, whether rental or development is taxed at 20%. Companies incorporated in Jersey may be considered exclusively tax resident in another jurisdiction where they are centrally managed and controlled outside Jersey. In these cases the company is tax resident in the jurisdiction of control and management provided the rate of corporation tax in that jurisdiction is 20% or higher. It is worth noting that Jersey legislation raises all tax assessments under the description of ‘income tax’ rather than describing business taxation as corporation tax.

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Just now, sarahbell said:


I don't think so many do anymore

 

https://www.kreston.com/wp-content/uploads/2016/10/Jersey.pdf

How much Corporation Tax will the business pay? A standard rate of 0% corporation tax applies in Jersey. A higher rate of 10% is levied on defined regulated business established in Jersey, such as banks and trust companies. Utility companies and income from Jersey property, whether rental or development is taxed at 20%. Companies incorporated in Jersey may be considered exclusively tax resident in another jurisdiction where they are centrally managed and controlled outside Jersey. In these cases the company is tax resident in the jurisdiction of control and management provided the rate of corporation tax in that jurisdiction is 20% or higher. It is worth noting that Jersey legislation raises all tax assessments under the description of ‘income tax’ rather than describing business taxation as corporation tax.

As a rule, the tax advantages are soon overwhelmed by the smell and extra debt costs that will be charged for any company based there.

 

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stop_the_craziness

There is simply no need for Asda to exist any more now that Aldi and Lidl charge the same (or less) for food that is actually edible.

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  • 2 weeks later...
On 16/10/2020 at 22:35, stop_the_craziness said:

There is simply no need for Asda to exist any more now that Aldi and Lidl charge the same (or less) for food that is actually edible.

Asda is the cheapest for baccy that isn't smuggle.

 

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2 hours ago, jm51 said:

Asda is the cheapest for baccy that isn't smuggle.

 

Does anyone buy legal loose baccy?

Have they actually bought Asda ?

Or are they trying to raise the debt??

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There are 3 types of loose baccy and with my usual brand, I can tell the differences when smoking it.

UK legal.

European legal.

Counterfeit.

At first, smuggle was UK legal exported to Belgium and sold at Eastenders to be smuggled back into the UK. Then came Spanish legal baccy in 40g pouches. Not as good as UK legal even though it's the same brand.

Next came counterfeiting for even more profit. Reputedly made in China although some years back a large op counterfeiting Amberleaf was busted in Eire.

The counterfeit stuff is dire and will cause a lot more coughing. If you hear a smoker cough so bad that they're close to vomiting, it's likely that they've been smoking counterfeit baccy.

With Asda, I know that I'm getting UK legal baccy.

 

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  • 1 month later...

You wont believe who's trying to scoop up Cafe Nero

 

The billionaire brothers behind the British petrol retailing powerhouse EG Group have launched a daring takeover bid for Caffe Nero hours before the ailing coffee shop chain seeks approval from landlords to slash its rent bill.

Sky News has learnt that Mohsin and Zuber Issa, who have turned Lancashire-based EG into one of the UK's biggest private companies, wrote to Caffe Nero over the weekend to propose buying the chain from its founder and controlling shareholder, Gerry Ford.

 

Under the EG proposal, Caffe Nero's landlords would be paid in full for the rent arrears owed to them as a result of the COVID-19 crisis.

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