Asda co-owner Mohsin Issa has invested £10m in a sports supplement brand, marking his first business deal since stepping down as the supermarket’s boss.

The billionaire retail tycoon has bought new shares in protein supplement producer Applied Nutrition through his investment vehicle Boulder Investco Limited, reported the Telegraph.

The Liverpool-based sports supplement group’s current chairman is the investment platform AJ Bell founder Andy Bell. Applied Nutrition also counts sports retailer JD Sports as a major shareholder, with a 32% stake in the business.

Issa is among a group of four “prominent and highly successful North West entrepreneurs” who will invest in the brand in its upcoming London stock market listing.

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The other investors include Home Bargains founder Tom Morris and property mogul George Downing, with the four investors set to own up to 7% of the group in total.

It is Issa’s first investment since he quit as Asda CEO in September to become sole CEO of his other business EG Group.

He was replaced at Asda by chairman Lord Rose who is to assume the CEO’s executive responsibilities alongside TDR Capital partner Rob Hattrell.

Issa, who still remains the supermarket’s co-owner and has a seat on its board, released a joint statement with his brother Zuber Issa that said: “Our passion is backing great entrepreneurs and helping them to build strong UK businesses that drive growth and create jobs.”

It is understood Zuber Issa has not currently invested in Applied Nutrition.