Supermarket chain Asda is set to acquire the majority of retailer EG Group’s UK and Ireland fuel, foodservice, grocery and merchandise business with eyes to scale its EV business.
In a deal worth £2.27 billion, retailer EG Group announced on Tuesday (30 May) it would sell several arms of its business with the funds to be used to accelerate its strategy to deploy emerging fuels and EV chargers under its proprietary brand ‘evpoint’ across the existing site network, as well as third-party locations.
Evpoint provides EV chargers and software for residential, commercial and public use, according to its website. Its software is scalable and can offer remote monitoring and control of charging networks.
EG Group will continue to operate in the USA, Australia, Germany, France, Italy, the Netherlands, Luxembourg and Belgium, whilst also retaining 30 UK sites – including the first Euro Garages site in Bury – which is situated close to its headquarters.
Alongside EV charging, the company will additionally be exploring hydrogen infrastructure to both support retail decarbonisation and to provide another zero-carbon solution for the transportation sector via fuel cells.
“Following this sale, EG Group will benefit from a significantly strengthened balance sheet, supporting the continued roll out of its successful convenience retail, fuel and foodservice strategy and drive innovation to transform the consumer experience. This includes the ongoing investment and expansion of our EV charging business, evpoint, as well as hydrogen and other sustainable fuel retail infrastructure, which we continue to see as a significant future opportunity,” said Zuber Issa CBE, co-founder and co-CEO of EG Group.
“I am confident the UK&I business will go from strength to strength under Asda’s ownership. Over the last 22 years we have built a business that I am extremely proud of, and EG Group will continue to maintain an important base in the UK, supporting the global business from our home in Blackburn.
“I want to thank all of our colleagues, across the business, for their hard work and dedication over the years, and we now look forward to continuing to develop and execute our successful strategy.”
