Debt-laden petrol forecourts business EG Group has been allowed to delay a £3.4bn repayment to 2026.
The group, which is owned by the Issa brothers, has around £10bn of debt, and last year sold 415 stores on America’s east coast in a $1.5bn sale and leaseback deal.
It is also selling its UK and Ireland operations to Asda – also co-owned by the Issa brothers and TDR Capital – in a £2.3bn tie-up.
EG Group said the transactions are expected to reduce total net debt from $9.8bn in March 2023 to $5.4bn on completion, with net leverage falling from 6.3 times to 4.9 times.
