The rift between the billionaire brothers who co-own Asda deepened final night time amid reviews that one is attempting to dump his stake within the debt-laden grocer.
Zuber Issa, 51, is alleged to be exploring a sale of his 22.5 per cent share of the grocery store chain – three years after shopping for it in a extremely leveraged £6.8billion take care of brother Mohsin and personal fairness group TDR Capital.
It comes after yesterday’s Daily Mail revealed Mohsin, 52, is engaged to a high-flying accountant who used to work at Asda’s auditors.
His extra-marital affair has rocked the Issas, forcing him to depart his spouse of 30 years and give up the household compound close to Blackburn for a close-by mansion.
Zuber reportedly desires to concentrate on EG Group, the petrol forecourt retailer he based in 2001, which he additionally co-owns with Mohsin and TDR.
Parting methods? Billionaire brothers Zuber and Mohsin Issa, who’re mentioned to have fallen out
He desires not less than £500million for his Asda stake however each Mohsin and TDR must approve any sale. It is unclear if the talks have moved past the exploratory stage.
But information of a potential stake sale heaps extra uncertainty on Asda, Britain’s third largest grocery store chain, which has been shedding market share to the discounters Aldi and Lidl.
Mohsin has run Leeds-based Asda within the absence of a chief government since 2021. But MPs investigating the debt-fuelled takeover have criticised his lack of meals retailing expertise and an lack of ability to reply primary questions on Asda’s funds.
He met Victoria Price, 41, when she offered him and Zuber with an entrepreneur of the 12 months award at a glitzy ceremony in Manchester in 2018. The gong was sponsored by Big Four accountancy agency EY, the place Ms Price was a companion specialising in tax.
Her attorneys confirmed the connection however mentioned she had by no means labored on the Asda account and was not an audit companion.
The couple requested for privateness for themselves and their households. Asda denies there’s a feud between the 2 brothers.