Debts: Zuber and Mohsin Issa’s EG Group will sell all 218 of its KFC franchise sites
The billionaire brothers who bought Asda are selling more than 200 KFC restaurants as it battles sky-high debts.
Zuber and Mohsin Issa’s EG Group will sell all 218 of its KFC franchise sites in the UK and Ireland back to the fast food chain’s owner. The sites will be sold to Yum! Brands for an undisclosed figure. The sale is set to complete in the first half of 2024.
EG said the proceeds will go towards its debt repayments.
The company’s debt pile is now thought to be around £4.53billion after EG sold its UK and Irish businesses to sister company Asda for £2.3billion in May.
The Issas, who also own thousands of petrol forecourts, bought Asda for £6.8billion in a debt-fuelled deal in October 2020.
The brothers said: ‘This is the latest transaction in our significant deleveraging this year.’
***
Read more at DailyMail.co.uk