Asda billionaires set to sell off Australian petrol stations

Asda owners Mohsin and Zuber Issa are expected to sell hundreds of Australian sites as the first step in breaking up their forecourt empire.

An insider told The Telegraph that EG was likely to ditch the 534 petrol stations because they are a long way from the group’s other operations.

It recently emerged that the Issas had hired advisers ahead of a sale or float of the company, which they own with buyout firm TDR Capital.

While Canadian convenience store chain Couche-Tard was touted as an EG buyer last week, it is not thought to be in the running for the Australian sites.

READ MORE: Asda sacks disabled worker for ‘smoking in the wrong area’

EG entered the Australian market just two years ago, moving onto locations previously owned by Woolworths.

The Issas, who are in the process of buying Asda’s 323 petrol stations, have massively expanded their forecourt business since opening the first in Bury 20 years ago.

EG now has almost 6000 sites across Europe and the US.

A spokesman said: “EG Group regularly works with its advisers to explore a wide range of options to create value in its portfolio.”

The Issas hope to get up to £10.8 billion for the business.

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