The billionaire brothers who based petrol station enterprise EG Group and not too long ago purchased Asda have now acquired quick meals chain Leon Eating places.
Mohsin and Zuber Issa purchased Leon for a sum between £80m and £100m in keeping with the Mail on Sunday, in a deal signed off by the restaurant’s co-founder John Vincent.
The pair say that they plan to broaden Leon to a minimum of 20 new places from subsequent 12 months, on prime of altering the menu and opening drive-thru websites.
The restaurant, which first opened in London’s Carnaby Road in 2004, now has over 70 places across the UK and mainland Europe. It’s identified for its “naturally quick meals”, a lot of which is vegetarian and plant-based, and collection of twelve cookbooks.
The sale is predicted to spice up Mr Vincent’s multimillion-pound stake within the enterprise, in addition to the smaller stakes owned by TV chef Allegra McEvedy and Henry Dimbleby who, alongside Mr Vincent, helped to plan a faculty meals plan for the federal government beneath David Cameron.
In a press release, Mr Vincent confirmed that he’ll half methods with the enterprise, which is known as after his father.
““In some methods it is a unhappy day for me, to half firm with the enterprise I based 17 years in the past in Carnaby Road,” he stated.
“However I’ve had the pleasure of attending to know Mohsin and Zuber throughout the previous couple of years. They’re first rate, hard-working enterprise people who find themselves dedicated to sustaining and additional strengthening the values and tradition that we now have constructed.”
Mr Vincent added that Leon “has all the time been constructed” for growth and that he hopes that it’s going to proceed to develop. Previous to its new buy, it was majority-owned by non-public fairness companies Lively Companions and Spice Non-public Fairness.
EG Group, which acquired Asda in a multibillion pound cope with Walmart earlier this 12 months, operates a bunch of meals companies together with Starbucks, KFC, Burger King, Greggs, Sbarro, Cinnabon and Subway, in addition to quite a few petrol stations. They not too long ago bid for Caffé Nero, in keeping with studies.
In a joint assertion, the Issa brothers stated: “The acquisition of Leon presents EG Group with a unbelievable alternative to additional develop the menu supply, the assorted concession codecs together with drive-thrus, and can allow us to considerably construct on the present community by exploring alternatives throughout our personal websites together with different strategic places.”
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