Issa brothers’ EG Group fails in Caffè Nero bid

By Luke Tugby2020-12-01T07:45:00

EG Group, the petrol forecourts empire of Asda’s new owners the Issa brothers, has failed in a bid to buy Caffè Nero.

Mohsin and Zuber Issa’s group made the offer on Sunday evening, just hours before a crunch meeting between the coffee chain and its creditors.

Caffè Nero is seeking approval for a company voluntary arrangement (CVA) after its sales slumped during the coronavirus lockdowns.

The business dismissed the offer as “opportunistic” last night and vowed to press ahead with its CVA plan.

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