- Zuber Issa, 51, is exploring a sale of his 22.5 per cent share in Asda supermarket
- There are rumours of a rift between billionaires Zuber and brother Mohsin, 52
- Mohsin has left wife of 30 years and is engaged to accountant Victoria Price, 41
One of the billionaire brothers who co-owns Asda is said to be contemplating selling his stake in the debt-ridden supermarket, amid speculation of a rift following his sibling leaving his wife of 30 years for a new lover.
Zuber Issa, 51, is exploring a sale of his 22.5 per cent shareholding in Asda, which he bought with brother Mohsin and private equity firm TDR Capital in 2021 from Walmart for £6.8billion, according to sources.
The move is said to potentially free up Zuber to focus more on EG Group, founded by the brothers in 2001 and one of Europe’s largest independent fuel retailers, The Telegraph reports.
But it would also provide a distance from the supermarket, which is said to be battling around £4.2bn of debt and falling market share.
In recent months, MPs have begun investigating the supermarket’s ‘opaque’ accounts and ownership structure, and have raised concerns over Mohsin Issa’s lack of experience in food retailing.
The potential parting of ways comes as it was revealed on Friday that Mohsin has left his wife of 30 years and is engaged to Victoria Price, a high-flying accountant who used to work at the grocer’s auditor.
Mr Issa is said to have moved out of the family compound near Blackburn and into a nearby mansion, which he bought for £18.2million in 2022.
The father-of-two met Ms Price, 41, at the Lowry Hotel in Manchester in 2018 when she presented him and his brother with an entrepreneur of the year award at a ceremony.
The award was sponsored by Big Four accountancy firm EY, where Ms Price was a partner specialising in tax.
He is understood to be in process of divorcing his wife, Shamim, whom he married three decades ago.
They have two children in their twenties; daughter Mariya and son Sauban.
Ms Price divorced her second husband, Alastair Nuttall, in December 2021, citing irreconcilable differences.
The accountant began working at EY in 2006, rising through the ranks to become a partner heading up its private tax unit.
Her relationship with Mr Issa raised questions of a conflict of interest, as he was the director of a firm, Asda, being audited by EY.
But lawyers for the couple have stressed that Ms Price never worked on the Asda audit and made ‘all appropriate disclosures’ to its ethics and compliance committee.
Her affair with Mr Issa was also disclosed, they added.
Ms Price left EY last July – the day after the firm resigned as Asda’s auditor.
EY said they did so after the supermarket bought EG Group’s UK business a month earlier, citing the increased scale and complexity of the business.
According to the 2023 Sunday Times Rich List, the Issa brothers have a combined net worth of more than £5billion.
The apparent feud between the brothers has resulted in Mohsin running Asda and Zuber increasingly becoming more involved in EG Group.
The company began as one petrol station that the brothers ran in Bury, Greater Manchester, before becoming Euro Garages,with locations across the UK.
When private equity giant TDR Capital came on board, the business evolved into EG group, which expanded into Europe.
The EG Group has since acquired several brands including Cooplands, Cumberland Farms, Go Fresh, Leon and Loaf ‘N Jug.
TDR is also a major shareholder in EG Group after acquiring a 50pc stake in 2015.
It is understood that Zuber wants to sale his stake for upwards of £500m for Asda’s next phase, which could see a bid for high street chemist Boots.
Mohsin and TDR would need to both approve any sale.
However, some sources say a sale is unlikely unless Mohsin considers also exiting.
A senior retail source said: ‘Everyone they have spoken to so far has said no chance until Mohsin disappears. This recent mess will only make people more nervous about taking it on.’
Both Asda and TDR have declined to comment.
Robert Johnson is a UK-based business writer specializing in finance and entrepreneurship. With an eye for market trends and a keen interest in the corporate world, he offers readers valuable insights into business developments.
