THE billionaire brothers who part-own Asda have started to break up parts of their shared business empire.
Zuber Issa yesterday sold his 22.5 per cent stake in the supermarket for £500million.
The brothers, from Blackburn, have denied claims of a family feud following the end of Mohsin Issa’s marriage.
The Issas teamed up with TDR Capital to acquire Asda, the UK’s third largest grocer, for £6.8billion in 2021.
Zuber sold his Asda stake to TDR, which now has 67.5 per cent.
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Mohsin has 22.5 per cent and ten per cent is owned by US retailer Walmart.
Zuber has reinvested some of that in buying over 30 EG petrol stations.
The brothers, who made their fortune with the EG Group, still have shared investments in sportswear brand Castore and HVS Systems, an electric vehicle charging arm.
They said they “had an amazing journey together over the last 20 years and we look forward to continuing to work closely together”.
Mohsin said there was a “deliberate and thoughtful” search for a new Asda chief exec.
Zuber said: “I will now turn my attention towards leading and managing the EG forecourt sites and spend more time on my charitable endeavours.”
Rents easing
THE punishing pace of rent rises is finally starting to ease, with the slowest rate in two and a half years.
In April, rents rose by 6.6 per cent, around £80 more a month compared with a year ago — but down from 10 per cent last year.
House prices in May fell 0.1 per cent from the previous month.
C&Cs £14m hit
THE owner of Magners and Bulmers cider brands has axed its CEO after accounting errors cost it £14.5million over the past three years.
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C&C said it had parted ways with Patrick McMahon as “behaviours fell short of the levels of transparency demanded”.
Its shares fell by 7.5 per cent.
GOOD WEEK: BRITISH tech tycoon Mike Lynch — cleared of all 15 US fraud charges over the £8.3billion sale of his Autonomy business to HP.
BAD WEEK: B&M boss Alex Russo after 10 per cent of the bargain store chain’s market price was wiped off this week.