Leon founder buys again restaurant chain from grocery store big

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Your help makes all of the distinction. Learn extra The fast-food chain Leon has been reacquired by its co-founder, John Vincent, from Asda.

This follows its takeover by the billionaire Issa brothers 4 years in the past.

Asda confirmed the sale to Mr Vincent, who co-founded Leon in 2004. The deal consists of 46 Leon eating places, 20 UK franchises, three franchised websites within the Netherlands, and one in Italy. Roughly 1,120 workers throughout the chain will switch to the brand new possession.

The Occasions reported earlier on Friday that Mr Vincent may pay between £30 million and £50 million for the chain.

This might mark no less than a 50% low cost on the £100 million reported buy worth in 2021.

<img src="https://static.independent.co.uk/s3fs-public/thumbnails/image/2020/05/14/09/leon-0.jpg" srcset="https://static.independent.co.uk/s3fs-public/thumbnails/image/2020/05/14/09/leon-0.jpg?quality=75&width=320&auto=webp 320w, https://static.independent.co.uk/s3fs-public/thumbnails/image/2020/05/14/09/leon-0.jpg?quality=75&width=640&auto=webp 640w" loading="lazy" alt="Leon waffle fries" class="sc-1mc30lb-0 ggpMaE inline-gallery-btn"/> open picture in gallery

Leon waffle fries Asda didn't disclose the sale worth, and declined to touch upon experiences the model was being purchased again at a big low cost.

The grocery store stated the sale displays efforts to give attention to its core retail operations, which includes its supermarkets, cafes, pharmacy, and gas enterprise.

Mr Vincent created Leon with Henry Dimbleby and chef Allegra McEvedy to give attention to wholesome quick meals.

It was offered to Mohsin Issa and Zuber Issa’s enterprise EG Group in 2021 earlier than turning into part of their Asda enterprise in 2023.

Mr Dimbleby lately warned that the Leon model could possibly be “destroyed” beneath Asda’s possession.

In an interview with The Telegraph, he stated the corporate was abandoning its unique objective of promoting meals that's “handy and wholesome” in favour of “low-cost”, unhealthy alternate options.