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DARK SECRETS: 2 | Vintage Vibes

Mohsin Issa confirms relationship with ex-EY tax partner after Asda auditor resignation

The pair noted that Price was not an audit partner at EY and didn't work on the Asda business

Evening Standard

Asda owner faces rise in servicing £4bn debt, MPs told

Group faces £30m rise in debt costs, Asda bosses tell MPs on business and trade committee

The Guardian - UK

Asda execs to hand over secret offshore accounts after MPs question 'Phantom' investment firms

Asda execs have committed to sharing secret accounts for the offshore companies that own the supermarket after coming under pressure from MPs.

Evening Standard

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Issa brothers in £500 billion accounting error

The Issa brothers’ debt levels have been a hot topic in the business press for some time. But Spy was taken aback to find out just how steep they are.

Evening Standard

Billionaire Issa brother warned of ‘contempt of Parliament’ after Standard finds errors in Asda letter to MPs

Mohsin Issa has until Thursday to respond to further questions from MPs

Evening Standard

Billionaire Issa brothers admit errors in letter to MPs on Asda offshore ownership

The billionaire Issa brothers have admitted submitting error-strewn evidence to MPs about the complex offshore ownership structure known as ‘Bellis’ that they created for Asda after acquiring the supermarket in 2021.

Evening Standard

MPs question Asda about ability to meet cost of living pressures

Supermarket co-owner Mohsin Issa asked to detail corporate structure as well as profit margins on petrol

The Guardian - UK

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Asda’s profit margins at the pump have trebled, MPs told

Competition regulator tells business committee of ‘significant change’ in retailer’s fuel pricing

The Guardian - UK

Asda’s fuel margin targets were three times the 2019 level by 2023, MPs told

Asda told the CMA that it decided to pass down retail price falls in 2022 more slowly in areas where it had no direct competition, MPs were told.

The Independent UK

Tesco puts squeeze on suppliers so it can cut grocery prices for customers

As market moves from ‘inflation to deflation’, supermarket wants to get ahead of rivals

The Guardian - UK

‘No price hikes’ in supermarket as Asda buys petrol station operator for £2.2 billion

Both sides of the deal claim it is not driven by the need to offload a large debt pile

Insider UK

What Asda's £2.3bn deal means for prices, jobs and the future of EG Group

BusinessLive has taken a look at the deal in depth and what it could mean for each company and their customers

Birmingham Post

Asda to buy group founded by billionaire Issa brothers for over £2bn

Mohsin and Zuber Issa started out with a single petrol station forecourt in Bury, Greater Manchester more than 20 years ago

Manchester Evening News

Asda to buy petrol stations group EG UK as it aims to overtake Sainsbury’s

Concerns raised over £770m of new loans and £450m in new funds from Issa brothers and TDR Capital

The Guardian - UK

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Birmingham Post

Billionaire Issa brothers confirm Asda to buy UK operations of EG Group for over £2bn

The deal is expected to be completed in the fourth quarter of 2023

Wales Online

Asda announced huge expansion as it buys 350 petrol stations and 1,000 shops

The supermarket has spent £2.7billion on the deal

Liverpool Echo

Asda 'billionaire brothers' on what they really think of their nickname

Mohsin and Zuber Issa are self-made billionaires

Manchester Evening News

What the Issa brothers really think of their 'billionaire brothers' nickname

Mohsin and Zuber Issa - believed to be worth over £1bn - have strong thoughts about the nickname

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Birmingham Post

Profits dip at Asda as shoppers hit by cost-of-living crisis in first full year of ownership by billionaire Issa brothers

The billionaire Issa brothers bought Asda alongside private equity backers TDR Capital in early 2021

Birmingham Post

Billionaire Issa brothers make offer to get Asda's £600m Co-op deal approved amid £8bn Subway move

In August 2022, the Co-op first revealed plans to sell its 132 petrol stations and attached convenience stores in a bid to bolster its finances

Wales Online

Shoppers in 13 areas ‘could face higher prices’ from Asda petrol station deal

Asda's plan to buy Co-op petrol forecourts could see shoppers faced with "higher prices or less choice"

Birmingham Post

Asda announces 10% pay rise for over 115,000 staff in £141m move

The news comes after an 8% pay increase for hourly-paid retail roles during 2022

Evening Standard

Issa brothers’ companies face fines for late accounts

At least 23 businesses controlled by Zuber and Mohsin Issa face penalties from Companies House for failing to deliver their accounts

Manchester Evening News

Some of the billionaire Issa brothers' biggest projects to keep an eye on in 2023

It includes the first drive-thru Indian street food restaurant in the country

Birmingham Post

Official inquiry launched into Asda's £600m deal to buy the Co-op's petrol stations

Asda is owned by the Lancashire-based billionaire Issa brothers and private equity firm TDR Capital

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