it was revealed that Mohsin left his wife of 30 years
The billionaire Issa brothers could be set to part ways as Zuber looks to offload his stake in Asda after his brother left his wife of 30 years and moved into an £18 million home with his new lover.
Zuber is rumoured to be exploring a sale of his 22.5% stake in the supermarket, which he bought with brother Mohsin and private equity firm TDR Capital in 2021 for £6.8 billion.
The move is believed to free up Zuber to focus more on EG Group.
It would also provide a distance from the supermarket, which is reportedly battling around £4.2 billion of debt and falling market share.
Recently, MPs have been investigating Asda’s “opaque” accounts and ownership structure.
Concerns over Mohsin Issa’s lack of experience in food retailing have also been raised.
The potential split comes amid rumours of a rift after it was revealed that Mohsin left his wife of 30 years and is engaged to Victoria Price, an accountant who used to work as Asda’s auditor.
Mohsin is believed to have moved out of his family home near Blackburn and into a nearby mansion, which he bought for £18.2 million in 2022.
Mohsin met Victoria at Manchester’s Lowry Hotel in 2018 when she presented him and his brother with an Entrepreneur of the Year award.
The award was sponsored by accountancy firm EY, where Victoria was a partner specialising in tax.
Mohsin is in the process of divorcing his wife Shamim. They have two children together.
Meanwhile, Victoria divorced her second husband Alastair Nuttall in December 2021, citing irreconcilable differences.
She began working at EY in 2006 and rose up to become a partner leading its private tax unit.
Her relationship with Mohsin sparked questions of a conflict of interest as he was the director of Asda, which was being audited by EY.
However, lawyers for the couple said Victoria never worked on the Asda audit and made “all appropriate disclosures” to its ethics and compliance committee.
They added that her relationship with Mohsin was also disclosed.
Victoria left EY in July 2023, the day after the company resigned as Asda’s auditor.
EY stated that their involvement came about a month after Asda acquired EG Group’s UK business, attributing the decision to the increased size and complexity of the enterprise.
As per the 2023 Sunday Times Rich List, the combined net worth of the Issa brothers exceeds £5 billion.
A rumoured feud between the brothers has led to Mohsin taking charge of Asda, while Zuber is gradually assuming a more prominent role within EG Group.
The company originated from a single petrol station managed by the brothers in Bury and Greater Manchester, eventually transforming into Euro Garages with a presence throughout the UK.
With the entry of private equity firm TDR Capital, the business evolved into EG Group and expanded into European markets.
Over time, EG Group has acquired various brands, including Cooplands, Cumberland Farms, Go Fresh, Leon, and Loaf ‘N Jug.
TDR Capital has held a substantial 50% stake in EG Group since its acquisition in 2015.
Reports suggest that Zuber aims to sell his stake for a sum exceeding £500 million for Asda’s upcoming phase, potentially involving a bid for high-street chemist Boots.
Approval from both Mohsin and TDR would be necessary for any such sale. However, there are indications that a sale may not materialise unless Mohsin also considers an exit.
A source said: “Everyone they have spoken to so far has said no chance until Mohsin disappears.
“This recent mess will only make people more nervous about taking it on.”
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