Results for: Issa brothers

Asda has surpassed Tesco, Morrisons, and Sainsbury’s as the most expensive fuel retailer in the UK. The supermarket giant’s fuel prices are an average of 2.1p higher for petrol and 2.5p higher for diesel compared to its rivals. Asda’s acquisition by the Issa brothers in 2021 and the integration of EG Group’s UK arm may have contributed to this increase. Despite previous commitments to maintain competitive fuel prices, Asda’s target fuel margin has significantly increased since 2019. The Competition and Markets Authority (CMA) is monitoring fuel pricing issues and may take action on pump margins in the future.

Asda CFO Michael Gleeson reassures that the supermarket’s shareholders remain dedicated to long-term growth, despite reports of one of the Issa brothers seeking to sell his stake. The company reveals strong financial performance, with sales rising and earnings jumping in 2023. Asda plans to expand its store network, opening 500 new express convenience stores by year-end, primarily through the acquisition of petrol station forecourts. However, the supermarket’s market share has declined since the takeover in 2021, and it faces competition from discounters Aldi and Lidl.