Issa brothers eye US itemizing of petrol forecourts enterprise in one other blow to London’s market

The petrol forecourts business founded by Mohsin and Zuber Issa is reportedly eyeing a £6.7billion US stock market listing.

EG Group will next week hold talks with major US banks ahead of an IPO expected to take place later this year, Sky News reported.

The brothers each own around 25 per cent of EG Group, which could list in New York under the name Cumberland Farms, with roughly 50 per cent owned by Asda owner TDR Capital.

The likes of Bank of America, Goldman Sachs, JP Morgan and Morgan Stanley are likely to take part in the upcoming selection process, Sky News said, citing banking sources.

It marks another blow for the London market, which in recent years has seen an increasing number of companies shelving plans to list there or exiting the market altogether. 

Other firms have aimed to better capitalise on stronger foreign markets by demoting their London listing and upgrading their listings elsewhere.

Big plans: EG Group will kick off formal plans for a £6.7bn US stock market listing next week

In June 2025, Indivior said it would cancel its secondary listing on the London Stock Exchange from the end of July, citing cost savings and a desire to align more closely with its US-focused operations.

Meanwhile, in November 2025 AstraZenaca shareholders approved a direct listing of the drugmaker’s shares on the New York Stock Exchange, giving it access to a deeper capital pool. AstraZeneca makes most of its money in the US, where drug prices are higher.

EG Group has become one of the world’s biggest fuel retailing multinationals, expanding its food service offering and generating sizeable profits.

Under TDR Capital’s ownership, EG Group has recruited an experienced executive leadership team led by Russell Colac and is chaired by Lord Rose, the former Marks & Spencer and Asda chairman.

Colaco is based in the US, which is now the firm’s biggest single market.

Its global headquarters is moving to Charlotte, North Carolina, and while the business was founded in Britain, bankers believe a US listing would represent a more logical step than a London flotation.

In recent years, EG has cut its borrowings by selling assets, including offloading the majority of its UK sites to Asda.

The Issa brothers grew EG Group from a single petrol station into a multi-billion-pound business, owning thousands of forecourts across the UK, Europe, North America and Australia.

Around 33,000 people are employed by EG Group, which operates via approximately roughly 4,300 sites. Every year, it serves around one billion customers.

In 2020, the Issa brothers bought Asda for £6.8billion but have since given up their roles with the supermarket chain as it haemorrhaged market share.

EG Group declined to comment.