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Billionaire brothers propose Caffe Nero acquisition

EG Group founders, brothers Mohsin and Zuber Issa, have reportedly launched a takeover bid for the Caffe Nero, just as the chain seeks approval from landlords to slash its rent bill.

The news follows their successful takeover of Asda from US supermarket Walmart in a £6.8bn deal in October with private equity partner TDR Capital.

The billionaire brothers wrote to Caffe Nero over the weekend to propose buying the chain from its founder and controlling shareholder Gerry Ford, according to Sky News.

Under the EG proposal, Caffe Nero’s landlords would be paid in full for rent arrears as a result of the pandemic.

EG Group's bid could force the chain to postpone the CVA vote which was set to take place later today.

Blackburn-based EG Group operates petrol stations and fast food outlets in Europe, the US and Australia.