Billionaire Issa brothers at EG Group pay £100m for 70-restaurant chain just months after buying ASDA supermarket chain from Walmart. The deal will bring together healthy fast food chain Leon’s vegan burgers and gluten-free chicken nuggets with a portfolio of other fast-food brands operated by EG Group.
Leon, which employs 700 people, was majority-owned by two private equity firms, Active Partners and Spice Private Equity, with stakes of 30% and 40% respectively. It was founded in London in 2004 by John Vincent, its chief executive, Henry Dimbleby and the chef Allegra McEvedy.
The Issa brothers, who leased their first petrol station in 1999 and now have more than 6,000 across 10 countries, acquired Asda for £6.8bn last October and have bid for Caffè Nero and the fashion chain Topshop.