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Euro Garage Issa brothers


spygirl

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9 hours ago, Option5 said:

Dhimmification of Brits continues, but this ones in Blackburn, i'd imagine Bradford which is a town for the Pakis has quite a few mosques.

And this is why Labour are dying

image.png.0390ded9933045b43ca7ff74b482cdd1.png

Edited by Hancock
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  • 1 month later...

'went he most academic of pupils .... xx struggled at school .... attendance was poor ...'

Jesus .

Zuba left his state school at 12 ... went to a religious school ... A fucking Maddreassa!!!!!

 

 

 

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  • 5 months later...

Asda to take on extra £500m debt after petrol station sale collapses

Supermarket will also shell out £250m as result of failed deal with its owners EG Group

https://www.ft.com/content/1f18a086-c73a-4555-bad3-85dcf609c2c7



Mohsin and Zuber Issa, the brothers behind EG, and their private equity backers TDR Capital, agreed to buy Asda last year and had planned to finance the acquisition in part by selling the petrol stations to their own forecourts business for £750m.

However, EG Group said on Monday that the forecourts deal had been called off because of “changes to the financial evaluation” of the transaction, leaving the brothers and TDR in need of £750m.

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10 hours ago, spygirl said:

Asda to take on extra £500m debt after petrol station sale collapses

Supermarket will also shell out £250m as result of failed deal with its owners EG Group

https://www.ft.com/content/1f18a086-c73a-4555-bad3-85dcf609c2c7



Mohsin and Zuber Issa, the brothers behind EG, and their private equity backers TDR Capital, agreed to buy Asda last year and had planned to finance the acquisition in part by selling the petrol stations to their own forecourts business for £750m.

However, EG Group said on Monday that the forecourts deal had been called off because of “changes to the financial evaluation” of the transaction, leaving the brothers and TDR in need of £750m.

Aren't Asda fuel stations unique in that they don't have any shop and they are either fully automated or a person in a kiosk not selling anything else.

Given that EG's stations are built around adding a Greggs / Cooplands alongside a KFC / Startbucks / however many franchises they can cram into the space, you can see why the EG part of the business didn't want them. 

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HousePriceMania
12 hours ago, spygirl said:

Asda to take on extra £500m debt after petrol station sale collapses

Supermarket will also shell out £250m as result of failed deal with its owners EG Group

https://www.ft.com/content/1f18a086-c73a-4555-bad3-85dcf609c2c7



Mohsin and Zuber Issa, the brothers behind EG, and their private equity backers TDR Capital, agreed to buy Asda last year and had planned to finance the acquisition in part by selling the petrol stations to their own forecourts business for £750m.

However, EG Group said on Monday that the forecourts deal had been called off because of “changes to the financial evaluation” of the transaction, leaving the brothers and TDR in need of £750m.

I'll miss Asda when it's gone

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Asda piles high with debt after petrol station deal collapses

Plugging a £750m hole leaves the supermarket chain in a weaker position in a tough economy

https://www.ft.com/content/dcf639c1-2f0c-4d00-8e35-d018d228ab1e



Asda has told investors that the collapse of its petrol stations sale, one of a complex series of deals to fund the £6.8bn acquisition of the retailer, was triggered by fuel suppliers refusing to maintain the same terms.

 

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20 minutes ago, spygirl said:

Asda piles high with debt after petrol station deal collapses

Plugging a £750m hole leaves the supermarket chain in a weaker position in a tough economy

https://www.ft.com/content/dcf639c1-2f0c-4d00-8e35-d018d228ab1e



Asda has told investors that the collapse of its petrol stations sale, one of a complex series of deals to fund the £6.8bn acquisition of the retailer, was triggered by fuel suppliers refusing to maintain the same terms.

 

:D:D:D....

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35 minutes ago, spygirl said:

Asda piles high with debt after petrol station deal collapses

Plugging a £750m hole leaves the supermarket chain in a weaker position in a tough economy

https://www.ft.com/content/dcf639c1-2f0c-4d00-8e35-d018d228ab1e



Asda has told investors that the collapse of its petrol stations sale, one of a complex series of deals to fund the £6.8bn acquisition of the retailer, was triggered by fuel suppliers refusing to maintain the same terms.

 

Sounds like they are already running on fumes.
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xlextix
 
6 HOURS AGO
 
reply In reply to The Canny Man
Yeah, they may need more fuel to keep going…
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Cities Licker
 
5 HOURS AGO
 
reply In reply to The Canny Man
Isoceles 2.0.
 
FT Commenters called it a year ago.
 
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critical mass
 
7 HOURS AGO
 
Why would anyone go to Asda? They make Lidl look premium.
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Mumu
 
4 HOURS AGO
 
reply In reply to critical mass
They have an excellent selection and good prices. 
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Sunny
 
3 HOURS AGO
 
reply In reply to critical mass
Better/wider selection of goods + services 
Better locations + more parking
Online deliveries 
 
But obviously the debt might change the situation over time 
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Spectator1
 
4 HOURS AGO
 
So many people on here predicted this. Amazed it seems to be unravelling so quickly. Let's just hope it's not another bhs followed by pension scandal for the sake of all the hard working employees.
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Macpak
 
5 HOURS AGO
 
Oh dear. If the petrol supplies will not roll over contract terms for the sold ASDA stations, then I presume terms will tighten when current agreements are up for renewal. Copy this across other suppliers to ASDA and we have a slow train crash. 
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Babi Sandez Street
 
7 HOURS AGO
 
RIP, Associated Dairies and Farm Stores of Red Wall Wakefield
 
Asset Stripping is the new leveling up
 
All that land to build houses on, far more productive than empty shelves and empty fuel stations
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wortharead
 
5 HOURS AGO
 
Aldi/lidl will love this. 
 
And looks like they floated the idea of selling the petrol stations to eg, but probably were never serious about it. It was about securing the funding for the deal. Make it look less leveraged that it really was. 
 
My guess is that some of these bond holders will feel aggrieved, may  sell off their exposure and certainly won't take part in any refinancings. Burning bridges like that can hurt. They better run the business extra well and generate plenty of cash.
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Ann of green gables
 
4 HOURS AGO
 
Great Analysis and article. FT at its best 
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JG23
 
4 HOURS AGO
 
Looks like they underestimated several things:
 
- CMA disposal requirements 
- suppliers' willingness to renegotiate payment terms (where's Lex Greensill when you need him?!)
- the fuel crisis which means that suppliers would also take the opportunity to escape any fixed price contracts
- legal complexity of separation of the sites. This bit sounds dull but the cross rights of way, etc are different for every site and that's before you get into leased sites where you'd need landlord consents.
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ad iudicium
 
4 HOURS AGO
 
A very good example of the tricks that PE get up to. This was a rubbish transaction from the outset.
 
Watch what happens to Morrisons next.
 
PE is the unacceptable face of capitalism.  Socially worthless entities run by socially worthless people. Highly destructive for stakeholders.
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shaggydog
 
3 HOURS AGO
 
reply In reply to ad iudicium
they're a correction mechanism, nothing more. the fact they are so prevalent suggests how badly our corporates are actually run.
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Seek
 
43 MINUTES AGO
 
reply In reply to shaggydog
The tax advantage to PE in this space on carry is also at play hugely I think
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Just-a-chap
 
4 HOURS AGO
 
How any supermarket can survive running on huge debt when they are pitched against the German discounters who simply do not have a cash question and are always running on full coffers , buying well and selling cheap . 
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what British democracy
 
5 HOURS AGO
 
Although convenience stores are higher margin than supermarkets
The shop is, but I’ve never been convinced it is end to end. Warehouses are incredibly slick AI lead operations, but they have a limited number of pick areas and loading bays. The advantage of the lorry is everything is put into cages and then loses onto the lorry which drops these off at multiple stores, who have space in the back to store extras.
 
Convenience stores need smaller quantities and smaller loads of larger the same items, this means more time at the warehouse and more deliveries.
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Davie
 
5 HOURS AGO
 
Is that EBITDA multiples table correct??
 
Sub 4x EBITDA multiples for EV ?
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JG23
 
4 HOURS AGO
 
reply In reply to Davie
Surely it's leverage not EV...
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Davie
 
3 HOURS AGO
 
reply In reply to JG23
It's not EV, but this multiple is critical to the whole supermarket debate.
 
I was delighted the FT choose to include such analysis, but are the people reviewing these articles understanding such key data & its importance.  
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The new tifereth
 
3 HOURS AGO
 
Extra £500M in debt…. Who’s lending? I really hope it’s not my bank or any major bank, we don’t need more bank ballots when this falls apart
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Thumbscrew
 
3 HOURS AGO
 
So no one thought this through? No one conceived the the suppliers might not roll over terms? I thought risk analysis was an essential chapter in the business plan. Blackstone already picking at the carcass.
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Lawrence of Arabia
 
2 HOURS AGO
 
reply In reply to Thumbscrew
Of course logistics is on the hot list however, not sure buying at 3.75% NIY is buying the carcass with such covenant deterioration. 
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Tony, Islington
 
2 HOURS AGO
(Edited)
 
I wonder if the whole thing could unravel really really quickly?
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Dan 0
 
2 HOURS AGO
 
So, the experts at fully juicing petrol station sites have decided they cannot squeeze the pips profitably on Asda’s petrol stations, which was supposed to be their special power in this deal.
 
If they weren’t aware of this going into the deal, that is very bad.
 
If they were aware of this going into the deal …… well, l’ll leave you to make your mind up on what that means.
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Mudrets
 
3 HOURS AGO
 
I guess this is only the first of highly leveraged companies who are going to trigger problems. Eventually its all going to unravel. - For example, at the moment commercial office space has not yet been seriously impacted but it is only a question of time
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F2020
 
3 HOURS AGO
 
Yes, as other commenters flagged up below, the EV/EBITDA chart is incorrect.
 
Tesco's EV is c £31bn and last year EBITDA is 3.55bn
EV/EBIDATA is 8.23
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Jonathan Eley, FT
 
FT
39 MINUTES AGO
 
reply In reply to F2020
You're quite right, thanks for pointing out. We'll get that fixed. The label is incorrect; it should say net debt/ebitda
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shaggydog
 
3 HOURS AGO
 
i can see why you might want to borrow at low rates short term via petrol sales but, even for retailers, there's an awful lot to be said for real margin. and borrowing short for what is core business finance is what brought RBS to its knees lest we forget.  
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Cookie
 
4 HOURS AGO
 
it does not take a genius to work out that Eurogarages are a bigger credit challenge than Asda, strikes me that this was probably always part of the plan but was too much of a hurdle to get the deal across at the time.
 
can add an extra £750m leverage which may have been a step too far if presented at the same time as the original deal.
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Citymoose
 
5 HOURS AGO
(Edited)
 
Levering up again
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S.G.
 
14 MINUTES AGO
 
Did I read somewhere they are selling off the freeholds and leasing back? Seems as though ASDA is having assets unloaded and being loaded up with debt? Why would they do that, surely the business will never be profitable with all of that on its shoulders?
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manticore
 
20 MINUTES AGO
 
Slow-motion car wreck or a really fast one?
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Ray Finkle
 
3 HOURS AGO
 
You love to see it. 
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Anon199
 
4 HOURS AGO
 
Acquire a company by loading the acquired entity with debt...feels like "pay for my own funeral". How is that even allowed?
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Eco510
 
3 HOURS AGO
 
reply In reply to Anon199
You are allowed to acquire a house loading it up with debt as well no?
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SJC
 
2 HOURS AGO
 
reply In reply to Eco510
Yeah but the house isn't paying the debt. The house is collateral and the person doing the buying is paying. Completely different things. If they had pledged asda/asda shares as collateral then it would be the same
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reformed nice guy

I would be interested on any transaction between the Issa brothers and UAE based banks or companies.....

I predict they will move there at some point "for the weather"

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7 hours ago, reformed nice guy said:

I would be interested on any transaction between the Issa brothers and UAE based banks or companies.....

I predict they will move there at some point "for the weather"

All seems to be a PE firm shovelling ECB funding into it.

No bent ME countries sem to be involved.

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reformed nice guy
2 hours ago, spygirl said:

All seems to be a PE firm shovelling ECB funding into it.

No bent ME countries sem to be involved.

I meant when they hop it to avoid scrutiny!

Edited by reformed nice guy
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  • 3 weeks later...

https://www.ft.com/video/4bd654ba-bc66-4510-9ff6-1e2603f87880

Companies

EG Group: building an empire on debt-fuelled growth

EG Group, run by the billionaire Issa brothers and a secretive private equity firm, has rapidly grown into a petrol stations empire with €20bn in annual revenues. As the FT’s Kaye Wiggins explains, the business has been built on debt, low interest rates and bold ambition. Last year it purchased Asda for £6.8bn, but with no experience in running a supermarket chain, what will the company do with it?

You can enable subtitles (captions) in the video player

Back in 2018 investors who specialise in the riskiest corporate debt started to notice something unusual. A little known petrol stations business called EG Group was suddenly borrowing money again and again. It was using that money to buy hundreds of petrol stations at a time across Europe and the United States.

Its debt more than quadrupled in just a couple of years. It seemed audacious at the time. Looking back it was paving the way for a much, much bigger move that would eventually involve the retail giant Walmart.

Last year EG Group owners bought Asda, a major UK supermarket chain, from Walmart for £6.8bn in what was then Britain's biggest leveraged buyout since the financial crisis. At this point it's worth understanding who EG Groups owners' are.

They're two billionaire brothers and a secretive private equity firm. The brothers, Mohsin and Zuber Issa, were raised in a small terraced house in Blackburn in northwest England. And they started out working on their dad's petrol station on the outskirts of Manchester.

All of their debt-fueled deal-making has turned their company from a single site to a sprawling empire which operates in 10 countries, plus 44,000 staff and 20 billion euros in annual revenues. And the private equity firm, TDR Capital, is made up a small group of deal makers based near Mayfair who typically use complicated financial engineering to make as much money as possible.

What they have in common is ambition and a desire to move fast. They've been among the big winners from a decade of low interest rates, which has allowed their model of debt-fueled growth to thrive. That's because more and more investors are willing to buy the riskier debts of companies like EG Group as they search for higher returns.

Neither the brothers, nor TDR, have any experience of running a big supermarket chain. So the question now is, having pulled off the biggest deal yet, what will it do with Asda?

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  • 3 months later...
spygirl

EG Group seeks audit delay for third year running

Petrol station group owned by Asda backers cites increased size and complexity

https://www.ft.com/content/4d9985ad-b3d8-4cd9-b5bf-efffe7019e67blah blah



KPMG, which took over as EG’s auditor in 2020 after rival Deloitte resigned citing concerns about the group’s governance, declined to comment because of client confidentiality.

The delay comes as EG Group’s owners consider buying UK chemist chain Boots, in what would be a multi-billion pound deal likely to require more debt issuance.

...



During the year EG spent more than $700mn on acquisitions, including health-focused food chain Leon, KFC franchisee Amsric and Yorkshire-based bakery chain Cooplands as it sought to bolster its convenience and food-to-go operations.

Comments - 

Keep the merry go round spinning. Boots would a great idea.
 
Baugur 2.0
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An1
 
14 HOURS AGO
 
I think I can hear PJT, Houlihan and Moelis salivating
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Student
 
14 HOURS AGO
 
Aquisition accounting shenanigans - growing by aquisitions but its all shenanigans - just look at Valeant it grew like that until SEC... fraud
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Neil Woodcock
 
13 HOURS AGO
 
reply In reply to Student
Remember Coloroll’s 80s spending spree. The profits went up, the assets went down (to the tune of New York!, New York!).
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Risk Man
 
15 HOURS AGO
 
Apt that the Co-investor is called TDR = Total Debt Restructuring. This will not end well.
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Looop
 
11 HOURS AGO
 
TDR goes to Boots for some help to keep the investment up….🤣
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Open is the new black
 
12 HOURS AGO
 
This is a shady company. Kpmg should resign from its role.
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Student
 
14 HOURS AGO
 
The delay comes as EG Group’s owners consider buying UK chemist chain Boots, in what would be a multi-billion pound deal likely to require more debt issuance.
 
- Delay because of bogus revenue that does not exist merging it into the business or else where does that % increase in sales/income come from....
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wortharead
 
4 HOURS AGO
 
Lenders keep lending with little care. So why shouldn't they keep buying assets?
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Looop
 
11 HOURS AGO
 
Why have my comments been blocked?
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Not this time
 
12 HOURS AGO
 
Really! - this is completely unacceptable.
KPMG know how to pick them.......
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  • 2 months later...
spygirl

This one is coming back and shitting on me.

Oct 21

https://www.foodmanufacture.co.uk/Article/2021/10/06/Bakery-manufacturer-Cooplands-acquired-by-EG-Group

Today -

 
Sorry to say that the takeover has been disastrous to the sandwich offering. Limited choice, stuff that's too fancy and terrible choice of bread rolls. Such a shame when big companies come in and destroy what has worked on a local platform for years. They clearly do not have any clue about their local customer base.
 
Cooplands Bakery
Hi Rachel, we are really sorry to read this. After reviewing our range and looking at our competitors we felt like we needed to redevelop and improve our sandwich range. We've introduced a new and larger sub roll, improved our fillings as well as introducing new ones. We've also had to make the difficult decision to remove some of the "less popular" sandwiches which weren't performing as well. You can also ask for it to be made just how you like it, so if you require any extras, then please don't be afraid to ask 😊 we hope this answers your questions.
 

Scarborough’s The Secret Garden cafe to close as new Cooplands plans revealed

Cooplands in Scarborough’s town centre is closing its popular cafe as it takes on a rebrand and new look.

 
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spygirl

Cooplands offered  a good range of sandwiches.

The cafe was my mums favourite.

EG are obviously going down the Greggs route of removing as many people as possible. putting a limited range on and ramping up prices.

Way to destroy the shops -they cannot compete with Greggs, so will just wither away.

Useless 3rd world shitholers.

 

 

 

 

 

 

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Joncrete Cungle

Aaah the local boys done good..... The houses they knocked down in Pleasington to build the 5 McMansions hasn't made them popular with their neighbours.

They don't only play fast and loose with debt levels and accounting smoke and mirrors ;) Waiting for it to all go pop

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