Billionaire Asda Owners Buy Fast Food Chain Leon Business News

The billionaire brothers who founded the EG Group gas station company and recently bought out Asda have now acquired the Leon Restaurants fast food chain.

Mohsin and Zuber Issa bought Leon for between 80 and 100 million pounds according to the Mail on Sunday, in an agreement signed by restaurant co-founder John Vincent.

The pair said they plan to expand Leon to at least 20 new locations starting next year, in addition to changing the menu and opening drive-thru sites.

The restaurant, which opened on Carnaby Street in London in 2004, now has over 70 locations across the UK and mainland Europe. He is known for his “natural fast food,” much of which is vegetarian and plant-based, and a series of twelve cookbooks.

The sale is expected to increase Mr Vincent’s multi-million pound stake in the business, as well as the smaller stakes held by TV chief Allegra McEvedy and Henry Dimbleby who, alongside Mr Vincent, helped set up design a school feeding plan for the government under David Cameron. .

In a statement, Mr. Vincent confirmed that he would be parting ways with the company, which bears his father’s name.

“In some ways it’s a sad day for me to separate from the company I founded 17 years ago on Carnaby Street,” he said.

“But I’ve had the pleasure of getting to know Mohsin and Zuber over the past few years. They are decent, hard-working businessmen who are committed to maintaining and further strengthening the values ​​and culture we have built. ”

Mr. Vincent added that Leon “has always been built” for expansion and that he hopes it will continue to grow. Prior to its new purchase, it was majority owned by private equity firms Active Partners and Spice Private Equity.

EG Group, which acquired Asda in a multi-billion pound deal with Walmart earlier this year, operates a host of food companies including Starbucks, KFC, Burger King, Greggs, Sbarro, Cinnabon and Subway, as well as many gas stations. They recently bid for Caffé Nero, according to reports.

In a joint statement, the Issa brothers said: “The acquisition of Leon offers EG Group a fantastic opportunity to further develop the menu offering, the different concession formats, including drive-thrus, and will allow us to significantly develop the existing network by exploring opportunities at our own sites as well as in other strategic locations. ”