“Over the past 12 months, EG Group has considerably strengthened its balance sheet and organically grown its earnings, benefiting from a resilient and diverse earnings mix. Our global scale, well-balanced estate, range of international and local specialty brands and attractive growth opportunities are compelling foundations that will underpin strong financial performance moving forward. I look forward to working closely with the management team as we continue to evolve and grow the business,” Colaco commented.
According to the company, the search for a new CFO is well-advanced and it will provide an update on this appointment at the appropriate time.
Under the leadership of the Issa brothers, EG Group has grown to become one of the largest and most dynamic private businesses in the U.K. It began as a single site in 2001 and is now an international independent convenience retailer, employing 38,000 associates across 5,500 sites in nine countries, serving almost 1 billion customers annually. Today, EG Group is the third-largest independent convenience retail chain globally, the fifth in the U.S., and second in Continental Europe and Australia.
With a diversified portfolio across three continents — North America, Europe and Australia — the business continues to progress its proven strategy to roll out foodservice, grocery and merchandise to create multipurpose convenience retail sites across its international estate, the company said.
According to EG Group’s unaudited 2024 results, the company continues to perform strongly, with underlying EBITDA rising 9% year over year. This comes as the group continues to make significant progress with its deleveraging strategy, as recognized by Moody’s, which upgraded the outlook of the business from negative to stable.
“The board thanks Mohsin for his important contribution in founding and developing EG Group into the business it is today. He has worked tirelessly alongside his brother for over two decades to build an enterprise that has set new standards in the forecourt sector. We are grateful to Mohsin for his efforts and wish him all the best in his new endeavors,” said Stuart Rose, chairman of EG Group.
“We are pleased to be announcing the appointment of Russell as CEO of EG Group. He has been a strong addition since he joined the business last year and has made a significant impact. With his blend of financial and strategic experience, he is well placed to take on the role and to lead the business through its next stage of growth,” he continued.
Headquartered in Westborough, Mass., EG America has more than 1,500 retail locations and 18,000 team members across the United States.