Mohsin Issa and Zuber Issa said the deal offers a “great opportunity” to buy “the brands we have long admired.”
The group also promised to retain Leon’s management and staff.
“In a way, today is a sad day for me,” said John Vincent, Leon’s boss who co-founded the company in 2004.
“We worked hard, did some good things, made a healthy amount of mistakes, and built a business that was kind enough for quite a few people to say they love.” He added.
Vincent described the Issa brothers as “a decent and hard-working businessman” who would become the “excellent custodian” of the Leon brand.
He previously said Leon was losing about £ 200,000 a week during the blockade.
“That probably means we’re losing an extra £ 800,000 compared to what we were making,” he said.
The agreement includes 42 company-owned restaurants and 29 franchise sites located primarily at airports and train stations in the United Kingdom and a few European countries such as the Netherlands and Spain.
Leon recorded sales of around £ 115m in 2019 and lost money to fund its expansion in the UK and abroad before the pandemic hampered its growth plan.
Billionaire Issa Brothers Buy Leon for £ 100m
Source link Billionaire Issa Brothers Buy Leon for £ 100m