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ASDA : INTERVIEW - ISSA BROTHERS, EURO GARAGES GROUP - BLACKBURN ON ACQUIRING ASDA. MOHSIN & ZUBER

[Music]

so mohsin and zuba firstly

congratulations on what's a big moment

in your professional careers

and for those that might not know can

you remind us what's being announced

today

we are very pleased to announce that

together with our partners tdr capital

we are acquiring a majority stake in the

iconic british supermarket chain

asda we believe that as there is a

highly attractive business with strong

fundamentals

that has shown impressive resilience

through the kovid 19 pandemic

and we think that our entrepreneurial

approach to growing the business can

help to execute and accelerate

as this growth strategy and what do you

think it is that you're bringing to asda

that other investors might not be able

to

well firstly this isn't just a financial

investment for us

we feel that as this customer-centric

philosophy

its focus on operational excellence and

commitment to the communities in which

it operates

is closely aligned to the values we have

built in eg group

not to mention our shared northern

values being from just across the penins

we also believe that our expertise in

areas such as convenience retailing

and brand partnerships can help as the

to explore new opportunities for growth

so the plan is to keep asda and eg

groups separate

why aren't emerging them we strongly

believe in eg group strategy

and the business has performed

incredibly well during the pandemic

whilst there are a lot of areas of

shared expertise and opportunity

the two businesses have different models

and we believe they are best continuing

to be run as independent businesses

focusing on their core strengths that

said

we are very excited by what we've seen

in asda and the growth potential of the

business

and we believe that our investment and

expertise can help to unlock that growth

does this mean that we're going to see

you shifting more of your own focus from

eg group to asda going forwards as the

will continue to be run by roger and his

team

who have a compelling strategy to

reposition the business

and drive long-term growth and have done

a great job through the pandemic

we are fully committed to eg group and

continuing to drive our strategy to grow

the business

across all of our markets at the same

time we look forward to supporting roger

and his team

to accelerate their growth strategy and

finally what's your message to asda

employees today what does it mean for

the future of their business

one of the things that attracted us to

asda was our shared values

centered on customers colleagues and

communities

we are very supportive of the current

management team

and are committed to helping them build

an even more successful as there

we've been so impressed by what we've

seen of the as the business

and the people who make it happen and we

look forward to building an

even brighter future together