Issa brothers’ EG Group fails in Caffè Nero bid
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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