It has been reported that the Issa Brothers, who are currently in the middle of purchasing Asda for £6.8bn are now also interesting in the coffee chain.
Like many others, Caffé Nero has struggled with trading and footfall in the wake of the Coronavirus pandemic. It has been reported that the company is in talks with their landlords regarding a cut in rent bills.
The billionaire Issa brothers have made an offer over the weekend to Gerry Ford, the company’s Chief Executive Officer and Controlling Stakeholder.
The terms of the offer are still rather unclear, however it appears that under the offer from EG Group (the Issa brothers petrol station company) landlords would be paid in full for any outstanding arrears, a significant improvement on previous plans to launch a CVA.
