Castore have sold a ‘major stake’ in their company to self-made billionaire brothers, Mohsin and Zuber Issa.
The duo are behind the petrol station heavyweight EG Group and recently took over a controlling share in Asda.
This news was revealed today by Business Live, in a further update for Castore who recently revealed that they would be moving their HQ from their native Liverpool to Manchester.
It is unclear as to exactly how much equity is involved with this deal, but it appears that Tom and Phil Beahon are still in place at the top, at Castore.
The BL report stated:
‘Mohsin and Zuber Issa are understood to have first invested in the brand in March last year through their Jersey-based Monte Group, The Times reports.’
‘The reports also come after the Issa brothers agreed to sell almost 30 petrol stations appease the Competitions and Markets Authority and avoid a full-blown investigation into the £6.8bn deal.’
‘The brothers, along with their private equity backer TDR Capital, have offered to divest 27 EG Group petrol filling stations following concerns raised by the CMA in April‘
‘The Issa brothers and TDR Capital announced the purchase the supermarket giant through jointly owned company Bellis in October 2020.‘
‘The brothers and private equity giant also own Blackburn-headquartered EG Group, which currently operates 395 petrol stations in the UK, while Asda owns 323.’
Partnership
As for Castore and Rangers, it is very much business as usual.
The Scottish Premiership success and feel good factor with the fans has seen further merchandise ranges fly off the shelves, whilst some fans have grumbled at the extent of the new product lines.
Most importantly, if the quality is sufficient and the demand is there, the rest will take care of itself.