Blackburn’s billionaire Issa brothers continued their business expansion spree with the supermarket chain Asda, co-owned by them, striking a £600 million deal with the Co-operative Group.
Asda said it would take over 132 sites from the Co-op as part of its growth strategy to move into the convenience market.
The purchase comprises 129 established sites with grocery retail stores and attached petrol filling stations and three development sites. The sites are located across the UK.
The deal - £438 million in cash and £162 million in lease liabilities - accounting for five per cent of Co-op’s retail estate is expected to be completed by the end of the year, Evening Standard reported.
The Leeds-headquartered Asda said the transaction would be financed through a combination of existing cash resources and bank finance.
Some 2,300 people currently employed in the Co-op stores will be transferred to Asda after the formal completion of the acquisition.
Asda co-owner Mohsin Issa said the deal would help Asda reach more customers and communities across the UK.
“We have always been clear in our ambition to grow Asda and are hugely excited to create this new and distinct part of our business,” he said after reaching the purchase agreement with Co-op.
“We see convenience as a significant growth opportunity for the business”, he said adding that the acquisition “forms part of our long-term ambition to become the UK’s second-largest supermarket.”
Co-op chief executive Shirine Khoury-Haq said the deal was part of the British consumer co-operative’s strategy to move away from operating petrol forecourts.
The Issa brothers - Mohsin and Zuber - who built their retail empire starting with just a fuel station in 2001, had taken over Asda from Walmart in a £6.8 billion deal. The acquisition also meant that the company, founded in 1949, came back under British ownership.
The EG Group, also co-owned by the siblings and TDR Capital, bought out Britain’s second-largest bakery chain Cooplands last year for an undisclosed amount.
Asda to acquire 132 Co-op retail stores for £600m
The purchase comprises 129 established grocery stores with attached petrol filling stations and three development sites
Clifford had previously pleaded guilty to the murders of BBC sports commentator John Hunt’s wife and two daughters at their home in northwest of London, in July 2024. (Photo: Hertfordshire Police /Handout via REUTERS)
Crossbow murderer found guilty of raping ex-girlfriend
A 26-YEAR-OLD man who murdered three women in a crossbow and stabbing attack has been found guilty of raping one of them, his ex-girlfriend, a British court ruled on Thursday.
Kyle Clifford had previously pleaded guilty to the murders of BBC sports commentator John Hunt’s wife and two daughters at their home in Bushey, northwest of London, in July 2024.
The attack led to a manhunt before Clifford was found injured hours later in a north London cemetery.
A jury at Cambridge Crown Court on Thursday convicted Clifford of raping 25-year-old Louise Hunt before killing her.
His sentencing for all the crimes is scheduled for Tuesday.
Clifford had admitted to murdering Carol Hunt, 61, and her daughters Louise and Hannah, 28. He had also pleaded guilty to charges of false imprisonment and possessing offensive weapons but denied raping Louise.
During the trial, the court heard that after killing Carol Hunt, Clifford waited for an hour before attacking Louise, tying her up, raping her, and then killing her with a crossbow. He later killed Hannah when she returned home from work.
The prosecution described Clifford, a former soldier, as committing a "violent, sexual act of spite" and said he was "enraged" after Louise ended their 18-month relationship. They told the court that he had "carefully planned" the attack.
Less than 24 hours before the killings, Clifford had searched for a podcast by social media influencer Andrew Tate, according to the prosecution. They argued that the murders were driven by the "violent misogyny promoted" by Tate.
Justice Joel Bennathan called Clifford’s crimes "dreadful" and "almost unspeakable".
(With inputs from AFP)