The Issa brothers are set to open 300 Asda convenience stores in petrol stations across their EG Group estate, taking their first major step as the supermarket’s new owners.
According to The Sunday Times, the Big 4 grocer will see the billionaire brothers’ new “Asda on the Move” scheme roll out to 400 UK forecourts.
The news comes after Zuber and Mohsin Issa revealed the success of an initial trial at five of the allotted sites.
The owners acquired Asda last year with private equity firm TDR Capital after Walmart agreed to a £6.8 billion sale.
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The new ownership structure resulted in TDR Capital and the Issa Brothers acquiring a majority ownership stake in the grocer.
The development follows news of convenience retailer McColl’s setting up a £30 million equity raise to expand its franchise of Morrisons Daily stores across the country.
The retailer is currently operating on a rapid timeline to convert hundreds of its 1200 sites into Morrisons Daily stores.
The symbol group has confirmed the expansion rumours and said that it is “currently exploring options relating to a potential capital raise to increase the number of its Morrisons Daily store conversions, accelerate the pace of roll-out of its Morrisons Daily store conversion programme, and strengthen its balance sheet.”
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