The billionaire brothers behind petrol forecourt giant EG Group have had a last gasp attempt to snap up Caffe Nero rejected as lenders for the cafe chain prepare to vote on a major restructuring deal.
On Monday afternoon, Caffe Nero creditors will vote on a Company Voluntary Arrangement (CVA) plan aimed to secure better terms from landlords.
Caffe Nero runs several shops in Ireland and 660 shops in the UK. Founded in 1997 by Gerry Ford, it has expanded into 11 different countries, with a total of 1,000 stores.
Zuber and Mohsin Issa, the billionaire brothers behind the group which bought Asda last month, made an offer to the cafe chain’s founder and controlling shareholder, Mr Ford, over the weekend.
Zuber (left) and Mohsin Issa bought Asda last month (EG/PA)
However, the CVA vote will move forward as planned after Caffe Nero criticised the approach as a “clear
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