The Issa brothers are preparing for a stock market flotation of their petrol station empire which could put them among the wealthiest entrepreneurs in Britain.
The billionaire entrepreneurs, who were born in Blackburn, have reportedly filed for a New York stock market float for their petrol station business Cumberland Farms, formerly EG Group.
As previously reported by The Financial Times, the business confidentially submitted paperwork to the US Securities and Exchange Commission for a public listing – a deal which could value the business at $9 (£6.6bn).
The group intends to list on the Nasdaq under “CMBY”, and listing the business publicly would set shareholdings of the brothers at around $2.3bn each, according to The Telegraph.
Most of the proceeds from any public offering are said to be used to strengthen the company’s balance sheet, rather than provide a windfall for existing shareholders.
The reports also suggest that a deal could pave the way for TDR Capital, which owns half of the business to the Issa brothers’ 23% each, to begin exiting its investment.
Cumberland Farms operates 3,200 sites across the United States and Europe and turned over $24.2bn in 2024.
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