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Billionaire Issa Brothers Buy Leon for £ 100m

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A nifty fast food chain Leon Purchased by Issa for £ 100m Brothers, Purchased millionaire brothers AsdOnly a few months ago.

Brother’s Gasoline Vestibule Business EG Group has purchased over 70 Leons Restaurant Throughout the UK Europe There are plans to build a network that includes drive-through sites.

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

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