Euro Garage Issa brothers

[spygirl]

On 14/05/2022 at 08:27, spygirl said:

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.

 

 

 

 

 

 

Going by the comments on the local FB whinge board, Cooplands is in rapid decline.

This isnt a case of rebranding.

They appear to be reducing the quality of ingredients, shrinking portions, and generally pushing out he freshness lengths.

 

 

[spygirl]

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.

End of cheap money era scuppers dozens of corporate bond deals

Companies abandon plans to issue debt at the last minute as investors demand higher returns

https://www.ft.com/content/4a145840-7cb2-4f42-b83a-bd1a69e71eef

“It used to be child’s play: you would put a deal out there, the European Central Bank would come in with a massive order and everyone else would pile in,” said one banker.

...

Companies gorged on this opportunity to issue cheap debt, with $1.2tn hitting the European market in 2021, according to Refinitiv data.

But now, the ECB is pulling back, reinvesting maturing assets but not buying fresh debt. If enough private sector investors step up to buy a bond anyway, lured in by juicy interest payments or by the reliability of the issuer, the lack of ECB support does not matter.

But in tricky market conditions, or for shakier borrowers, the ECB provided essential support. “[The ECB] is the difference between success and failure” when an issue gathers only just enough support from investors, said Will Weaver, head of debt capital markets for Europe at Citi. “In an amazing market”, the ECB’s withdrawal may add just a tiny sliver to the company’s cost of borrowing. But “in a market like this, it’s [half a percentage point] or maybe the deal doesn’t get done”.

[spygirl]

This is going to blow massively - 

Co-op sells petrol forecourt estate to Asda for £600 million

https://www.co-operative.coop/media/news-releases/co-op-sells-petrol-forecourt-estate-to-asda-for-gbp600-million

[HousePriceMania]

45 minutes ago, spygirl said:

This is going to blow massively - 

Co-op sells petrol forecourt estate to Asda for £600 million

https://www.co-operative.coop/media/news-releases/co-op-sells-petrol-forecourt-estate-to-asda-for-gbp600-million

Those boys do love some debt

Debt is wealth

war is peace

 

[eek]

42 minutes ago, HousePriceMania said:

Those boys do love some debt

Debt is wealth

war is peace

 

Depends on the T&Cs of the debt - if it's fixed rate they could easily be quids in as inflation knocks 20% off the debt year on year... 

[HousePriceMania]

1 hour ago, eek said:

Depends on the T&Cs of the debt - if it's fixed rate they could easily be quids in as inflation knocks 20% off the debt year on year... 

Only if you have 20% wage inflation.

Otherwise you are fighting to pay your mortgage with less and less.

Here's a simple example. Worth checking my arithmetic of course.

Income 1100 per month, £500 mortgage, bills £500, disposable £100.
Income up 5% Inflation up 20%

Increased mortgage 5 years after coming off cheapy low IR mortgage.

It doesn't take long till you cant actually service your debt.

If wage inflation is 10% then you are okay for 5 years.It it's 15 your're okay for 18 years.

If Inflation is 10% and wage inflation 5% you get 5 years then you are in trouble,

Year	Income	Mortgage	Bills	Inflation	Wage Inflation	Disposable
1	£13,200.00	£6,000.00	£6,000.00	20.00%	5.00%	£1,200.00
2	£13,860.00	£6,000.00	£7,200.00	20.00%	5.00%	£660.00
3	£14,553.00	£6,000.00	£8,640.00	20.00%	5.00%	-£87.00
4	£15,280.65	£6,000.00	£10,368.00	20.00%	5.00%	-£1,087.35
5	£16,044.68	£6,000.00	£12,441.60	20.00%	5.00%	-£2,396.92
6	£16,846.92	£8,400.00	£14,929.92	20.00%	5.00%	-£6,483.00
7	£17,689.26	£8,400.00	£17,915.90	20.00%	5.00%	-£8,626.64
8	£18,573.73	£8,400.00	£21,499.08	20.00%	5.00%	-£11,325.36
9	£19,502.41	£8,400.00	£25,798.90	20.00%	5.00%	-£14,696.49
10	£20,477.53	£8,400.00	£30,958.68	20.00%	5.00%	-£18,881.15
11	£21,501.41	£8,400.00	£37,150.42	20.00%	5.00%	-£24,049.01
12	£22,576.48	£8,400.00	£44,580.50	20.00%	5.00%	-£30,404.02
13	£23,705.30	£8,400.00	£53,496.60	20.00%	5.00%	-£38,191.30
14	£24,890.57	£8,400.00	£64,195.92	20.00%	5.00%	-£47,705.35
15	£26,135.10	£8,400.00	£77,035.11	20.00%	5.00%	-£59,300.01
16	£27,441.85	£8,400.00	£92,442.13	20.00%	5.00%	-£73,400.28
17	£28,813.94	£8,400.00	£110,930.56	20.00%	5.00%	-£90,516.61
18	£30,254.64	£8,400.00	£133,116.67	20.00%	5.00%	-£111,262.02
19	£31,767.37	£8,400.00	£159,740.00	20.00%	5.00%	-£136,372.63
20	£33,355.74	£8,400.00	£191,688.00	20.00%	5.00%	-£166,732.26
21	£35,023.53	£8,400.00	£230,025.60	20.00%	5.00%	-£203,402.07
22	£36,774.71	£8,400.00	£276,030.72	20.00%	5.00%	-£247,656.01
23	£38,613.44	£8,400.00	£331,236.86	20.00%	5.00%	-£301,023.42
24	£40,544.11	£8,400.00	£397,484.24	20.00%	5.00%	-£365,340.12
25	£42,571.32	£8,400.00	£476,981.08	20.00%	5.00%	-£442,809.76

 

 

if you have a 40 year mortgage, you have a problem if wages dont beat inflation.

[spygirl]

Government gambling with the UK economy, says Asda chairman

https://www.bbc.co.uk/news/business-63039393

Errr????

Bit of self interest.

[eek]

On 26/09/2022 at 17:38, spygirl said:

Government gambling with the UK economy, says Asda chairman

https://www.bbc.co.uk/news/business-63039393

Errr????

Bit of self interest.

Conversation elsewhere on Monday night..

The 2 Private Equity companies most likely to blow up are Morrisons and Asda (in that order for various reasons). So the Government needs a plan to keep food going as 10-20% of food retailers disappear overnight with major consequences for food manufacturers and farmers who won't be paid.

 

[spygirl]

5 minutes ago, eek said:

Conversation elsewhere on Monday night..

The 2 Private Equity companies most likely to blow up are Morrisons and Asda (in that order for various reasons). So the Government needs a plan to keep food going as 10-20% of food retailers disappear overnight with major consequences for food manufacturers and farmers who won't be paid.

 

Nah, you could lose both and none will be affected.

The simple reason for these is the discounters, whove tweaked their formulae and hit  sweet spot -

 

How Aldi burst into supermarket big league

German discounter’s focus on price and improved ranges helps it break dominance of top four grocery chains

https://www.ft.com/content/02f8cb45-6b71-4cdd-b6ef-ce7e9a4a0b38

I ish I could cutnpaste the diagram - I cant, its a JS one.

Morrisons n Asda loosing market.

So is Sainsbury.

All 3 are in big trouble.

 

 

[spygirl]

How the Morrisons buyout turned into a nightmare for Goldman Sachs

Mega-deal went from dream ticket to a symbol of the excesses of cheap-money era

 

https://www.ft.com/content/b22a85ae-3d44-499c-a603-250ecb1158ef

The Goldman Sachs bankers were in a hole.

It was February 2022 and they were trying to sell more than £5bn worth of bonds and loans backing the UK’s biggest leveraged buyout in years: US private equity group Clayton, Dubilier & Rice’s £10bn takeover of grocer Wm Morrison.

They were well behind schedule, having put plans on hold before Christmas when the fast spread of the Omicron coronavirus variant made investors jittery. But now the economic outlook was darkening and markets were cooling.

Again, another JS chart -  Rising yields on ASDA debt makes it hard to sell Morrisons.

ASDA bonds are ~14%

 

[eek]

3 minutes ago, spygirl said:

Nah, you could lose both and none will be affected.

The simple reason for these is the discounters, whove tweaked their formulae and hit  sweet spot -

 

How Aldi burst into supermarket big league

German discounter’s focus on price and improved ranges helps it break dominance of top four grocery chains

https://www.ft.com/content/02f8cb45-6b71-4cdd-b6ef-ce7e9a4a0b38

I ish I could cutnpaste the diagram - I cant, its a JS one.

Morrisons n Asda loosing market.

So is Sainsbury.

All 3 are in big trouble.

 

 

The issue   

 

22 minutes ago, spygirl said:

Nah, you could lose both and none will be affected.

The simple reason for these is the discounters, whove tweaked their formulae and hit  sweet spot -

 

Long term you wouldn't be effected but there is a short term period where things could go seriously wrong... 

[Ash4781b]

There does seem to be rapid deterioration at Asda.  I didn’t realise they went and bought a load of co-op stores. If one likes high prices go in a co-op. Did wonder what on earth co-op were up to recently stores gone to shit.
 

https://corporate.asda.com/newsroom/2022/08/31/asda-confirms-plans-to-acquire-132-convenience-stores-from-the-co-op

 

[spygirl]

Been quiet with these fuckwits.

To quiet ....

https://www.ft.com/content/30e0132f-afad-42d3-a9e6-9bfc91c1a8e3

The billionaire brothers who co-own the Asda supermarket chain borrowed tens of millions of euros interest-free from their petrol station empire EG Group to buy two private jets.

Mohsin and Zuber Issa took out €39mn in unsecured loans in 2018 from the business they co-own with the private equity group TDR Capital, corporate filings show.

 

[Calcutta]

Anecdotally...our local asda is fucking shit nowadays. Used to be the best supermarket in the town, now there's bare shelves and the bargains are pathetic.

[spygirl]

16 hours ago, Calcutta said:

Anecdotally...our local asda is fucking shit nowadays. Used to be the best supermarket in the town, now there's bare shelves and the bargains are pathetic.

Asda is going to end up the biggest, shittiest Kabul minimarket, with several billion of debt secured on it.

[Joncrete Cungle]

A lot of locals will raise a glass when the Issa brothers comeuppance is finally served.

[Ash4781b]

4 hours ago, spygirl said:

Asda is going to end up the biggest, shittiest Kabul minimarket, with several billion of debt secured on it.

I think one of Iceland , Asda, Morrisons will disappear. Really Sainsburys should have merged with Asda but that one got blocked -not sure why maybe Tesco pushed not sure.

[Don Coglione]

57 minutes ago, Ash4781b said:

I think one of Iceland , Asda, Morrisons will disappear. Really Sainsburys should have merged with Asda but that one got blocked -not sure why maybe Tesco pushed not sure.

Sainsbury's is caught in no-man's-land and is very exposed; shame, as they are my go-to supermarket for price-quality, but of late I can only see collapse.

Merging with Asda would have killed them.

[eek]

20 hours ago, Don Coglione said:

Sainsbury's is caught in no-man's-land and is very exposed; shame, as they are my go-to supermarket for price-quality, but of late I can only see collapse.

Merging with Asda would have killed them.

We’ve just shifted our shopping from Morrisons to sainsburys

ignoring the 15% off if you spend £50 vouchers we are getting at the moment - it’s just nicer with fewer random gaps

[sancho panza]

apparently,they're struggling with refi.good source.the end may be near.dyor natch

[Option5]

Billionaire Issa brothers agree $1.5bn 'sale and leaseback' deal for EG Group in USA

EG Group said it will use the net proceeds to help repay debt.

https://www.manchestereveningnews.co.uk/news/greater-manchester-news/billionaire-issa-brothers-agree-15bn-26400289

 

[Option5]

Now looking to maybe "buy" subway.

Self-made British billionaire brothers 'eyeing up Subway' https://www.thisismoney.co.uk/money/article-11910781/Now-self-British-billionaire-brothers-Asda-eyeing-fast-food-chain-Subway.html?ito=native_share_article-top

The self-made British billionaire Issa brothers are reportedly plotting an £8billion takeover of US fast-food giant Subway.

Mohsin and Zuber Issa, who found their riches after creating a petrol station empire, are said to be considering acquiring the global restaurant chain to add to their growing empire of wealth.

hahahaha.

[spygirl]

1 hour ago, Option5 said:

Now looking to maybe "buy" subway.

Self-made British billionaire brothers 'eyeing up Subway' https://www.thisismoney.co.uk/money/article-11910781/Now-self-British-billionaire-brothers-Asda-eyeing-fast-food-chain-Subway.html?ito=native_share_article-top

The self-made British billionaire Issa brothers are reportedly plotting an £8billion takeover of US fast-food giant Subway.

Mohsin and Zuber Issa, who found their riches after creating a petrol station empire, are said to be considering acquiring the global restaurant chain to add to their growing empire of wealth.

hahahaha.

Came to post that.

Other than all subways appearing to be owned and operated by Sub-continentals I really cant see the fit.

Its just fucking mental.

Keep borrowing and buying junk i nthe hope that something will make money. Eventually.

The IB must sit ther and go - Who;s the dumbest fucking fuckwits we know ????

Hey! The Issa brothers!

 

 

[spygirl]

The only thing new is that hteir parents are from Gujarat, India rather than Mirpure, Pakistan which is unusual in Blackburn, which is pretty much Mirpuri Pakistani.

Not that Gujarits makes it better - thats Sanjey Giupta/Steel bloke is one.

They all think they are billionaire bizzyness geniusus  so act accordingly.

 

 

[spygirl]

Asda price: How buyers bagged a £6.8bn supermarket chain for £200mn

Jersey and Luxembourg filings reveal financial engineering behind the UK’s biggest leveraged buyout in a decade

 

https://www.ft.com/content/d6f59905-449d-45d4-bbba-ed49f111620d

The billionaire Issa brothers and their private equity partners TDR Capital stumped up just £200mn for their 2020 deal to buy Asda, the UK supermarket chain valued at £6.8bn, corporate filings reveal.

But a series of filings by businesses owned by the brothers and TDR in the tax havens of Jersey and Luxembourg show that all but £200mn of that sum was provided by loading more costs on to their already heavily indebted petrol stations business, EG Group.

Now, EG is racing to cut its debts and Asda might end up as the business that comes to its aid.