Ex-Asda boss invests £10m in company eyeing London float

Mohsin Issa ploughs money into sports supplement business Applied Nutrition

Billionaire retail mogul Mohsin Issa has struck his first deal since stepping down as Asda chief executive, ploughing £10m into a sports supplements company.
Mr Issa, who quit as leader of the supermarket in September, is buying new shares in Applied Nutrition, a protein supplements producer expected to float on the London Stock Exchange.
It is Mr Issa’s first investment since he stepped down from Asda in September, following a slide in sales that chairman Lord Rose had dubbed “embarrassing”. Mr Issa remains the supermarket’s co-owner and sits on the board.
The investment also comes as Mr Issa untangles his business interests from brother Zuber. The pair built a petrol station empire together that acted as a launching pad for their takeover of Asda.
However, in recent months the brothers have carved up their investments amid suggestions of a rift between the two.
Mr Issa is buying the Applied Nutrition shares through his investment vehicle Boulder Investco Limited. Zuber is not listed as a backer in the Applied Nutrition stock market filing and sources close to the deal said he was not involved.
However, a source close to the brothers said: “Mohsin is leading the investment, and Zuber will be joining him.”
The Issa brothers, who are worth an estimated £5bn, bought Asda in 2021 alongside private equity firm TDR Capital in a debt-fuelled £6.8bn deal.
The duo from Blackburn had risen to prominence running petrol stations in the north west of England, having acquired their first forecourt in Bury in 2001. They grew their forecourt business, Euro Garages, into the powerhouse EG Group.
More recently, the brothers have divided their interests. Zuber sold a 22.5pc stake in Asda to its private equity backers, TDR Capital, in June. Mohsin retains  his 22.5pc stake in the supermarket.
Zuber also left his role as co-chief executive of EG Group earlier this year, having acquired the UK-only forecourts business for £228m to run himself as an independent entity. He remains on the board of EG alongside Mohsin.
The division has come as Mohsin embarks on a new phase of a personal life.
Following a report in The Telegraph earlier this year, the retail tycoon confirmed that he is in a romantic relationship with Victoria Price, a former partner at EY, which was Asda’s auditor until it quit in July last year.
Mohsin has dismissed rumours of a rift with his brother, saying the duo get on “exceptionally well”.
Alongside EG, the brothers retain significant shared business interests including taking a stake in kitmaker Castore and they are joint investors in Hydrogen Vehicle Systems (HVS).
Applied Nutrition is a sports supplement group based in Liverpool and counts Andy Bell, founder of investment platform AJ Bell, as its chairman. 
JD Sports, another northern chain founded in Bury, is a significant shareholder with a 32pc stake in the business. 
Applied Nutrition said Mohsin Issa was among a group of four “prominent and highly successful North West entrepreneurs” who were backing it at the forthcoming London stock market listing.
They include Home Bargains billionaire founder Tom Morris and Liverpool property magnate George Downing. In total the four investors will own up to 7pc of the group.
Applied Nutrition set the price range for its IPO at between 136p and 160p, giving it an implied valuation of between £340m and £400m.
Existing shareholders are offloading about 137,408,477 shares – around half of the company’s share capital – for between £186m and £220m.
Applied Nutrition declined to comment on Mr Issa’s investment.
Mohsin and Zuber Issa said in a joint statement: “Our passion is backing great entrepreneurs and helping them to build strong UK businesses that drive growth and create jobs.”