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Billionaire brothers receive royal honours a week after £6.8bn Asda takeover

Saleha Riaz
·2 min read
The brothers made their fortunes after transforming their one rented petrol station into a network of almost 6,000 forecourts across 10 countries over the past 20 years. Photo: AP /Tom Hevezi
The brothers made their fortunes after transforming their one rented petrol station into a network of almost 6,000 forecourts across 10 countries over the past 20 years. Photo: AP /Tom Hevezi

Billionaire brothers Zuber and Mohsin Issa made it to the Queen’s Birthday Honours list for services to business and charity, a week after snapping up supermarket giant Asda.

The Issa brothers bough the UK supermarket chain from American owner, Walmart (WMT) in a £6.8bn ($8.7bn) deal.

They are among a number of bosses made Commander of the Order of the British Empire for their work leading petrol forecourt retailer EG Group.

The Issa brothers are the founders and owners of EG Group, a Blackburn-based chain of petrol stations and fast food retailers. The pair are worth a combined £5bn.

The brothers made their fortunes after transforming their one rented petrol station into a network of almost 6,000 forecourts across 10 countries over the past 20 years.

“We are very proud to be investing in Asda, an iconic British business that we have admired for many years,” the brothers said in a statement.

READ MORE: Walmart agrees sale of Asda to billionaire brothers for £6.8bn

“Asda’s customer-centric philosophy, focus on operational excellence and commitment to the communities in which it operates are the same values that we have built EG Group on.”

The deal is subject to regulatory approval and is expected to close in the first half of 2021.

Asda was the cheapest UK supermarket in the month of September, according to research by online price tracking website Alertr, based on the government-based consumer price index.

Elsewhere, GlaxoSmithKline (GSK.L) boss Emma Walmsley was made a dame, property tycoon Tony Gallagher has been given a knighthood and fashion entrepreneur Paul Smith was named a member of the Order of the Companions of Honour.

Watch: Walmart sells British supermarket business Asda