Global petrol station forecourt operator reports soaring second quarter revenues and announces planned Leon store openings following £100m acquisition
EG Group has announced plans to open up to 10 new Leon restaurants this year | Photo credit: Leon
UK-based EG Group has announced plans to open up to 10 new Leon restaurants this year, after reporting 60% increase in revenues to $6.5bn for the three months to June 30, 2021.
EG Group currently operates more than 6,000 petrol station sites globally, including 700 in the UK and Ireland with licensed branches of prominent brands such as Starbucks, Cinnabon and Greggs.
In April 2021, EG Group agreed to acquire Leon, which has around 42 company-owned and 29 franchise sites, for around £80-100m ($111m-139m).
"We are also pleased to have completed the acquisition of Leon Restaurants and look forward to expanding its offering with c.10 new restaurant openings planned this year, including the brand’s first ever drive-thru,” said Zuber Issa and Mohsin Issa, EG Group co-founders and co-CEOs, in a joint statement.
Like many food-focused café chains, Leon have been severely impacted by a sharp reduction of commuter and office worker trade during the pandemic. The food-to-go and coffee chain recently exited the Scandinavian market amid sustained Covid-19 trading pressure.
In a bid to diversify sales, Leon launched a coffee subscription service in September 2020. It has also sought to supplement pandemic revenues losses by selling branded ready meals and retail packaged coffee at UK supermarkets.