EG IS GOING STRONG
and ‘working capital initiatives.’ The results came in the year when Zuber stepped down as co-chief executive and bought EG Group food-service locations and the firm’s remaining forecourt businesses in a £228m deal.
Mohsin, now sole chief executive of EG Group, said: “2024 was another successful year for EG Group. We grew full-year EBITDA by nine per cent on an underlying basis, with notable contributions from our USA and European businesses.”
Blackburn headquartered EG Group announced a ‘strong trading and operating performance’ in 2024 as speculation grew about a possible $13bn flotation on the New York Stock Exchange.
The petrol station group, founded by billionaire Blackburn brothers Mohsin and Zuber Issa, said its underlying earnings before interest, taxes, depreciation, and amortisation (EBITDA) increased by nine per cent to £782.7m.
The company has also made progress in reducing its debt through ‘non-core divestments’
View from the gallery READING
TRUMP’S TRADE
PLAYBOOK By Antony Higginbotham
Former Member of Parliament for Burnley
Like him or loathe him, President Trump is making quite the impression, not only with his domestic agenda, but with his foreign policy too.
For Lancashire businesses, the most pressing part of this are his proposals on tariffs.
Lots of people in the UK looked on this initially with a wry smile. We buy more from the US in goods than we export to it and, so the logic went, we would be spared in any trade war. The impact on us would only be because of wider economic repercussions.
I’m afraid to say that was naive, and sadly what I think too many in the present government believed.
The president was never going to give away leverage in that way. His senior adviser on trade has been clear for years that VAT in Europe is significantly more costly than any US State Sales Tax, and they want to make American goods more attractive to the world.
So it wasn’t a huge shock when Trump announced that the US was going to move to viewing VAT as a tariff when setting reciprocal tariffs. Could this be bad? Yes. Was it designed to target the UK? No. Will it be followed through? Unlikely.
Last May, as a member of the Commons Business and Trade Committee, I was in Washington to talk trade and industrial policy with my then counterparts – Republicans on the House Trade Subcommittee. There was much consensus on the benefits of a wider UK-US trade deal.
With Keir Starmer in Number 10 a fully fledged trade agreement now seems unlikely, but if he’s smart he’ll use our trade deficit with the US to find a way of getting us half way there and remove the VAT threat that has been laid down.
There’s not been a lot to give me hope he can do that. Unlike in Canada we’ve seen no messaging about government plans to support exports.
Ultimately the US is going to remain one of our most important trading partners and politicians over there know that they benefit from strong economies over here too. But that doesn’t mean we shouldn’t prepare.
Antony Higginbotham is the former Conservative MP for Burnley. He now works as a freelance political affairs consultant and can be contacted at
antony@antonyhig.co.uk
LANCASHIREBUSINES SV
IEW.CO.UK
He added: “The actions we took last year have positioned us for further growth and, together with our extensive portfolio of assets in nine countries globally, will provide a platform for us to maximise future growth opportunities to further strengthen our position as a leading independent convenience and fuel retailer.”
According to reports, an Initial Public Offering (IPO) is on the cards to be completed this year or next, with New York chosen over London as the group does most of its business in the US.
Dealmakers Page 30
Dr. Fazal Dad Principal and chief executive, Blackburn College
COLLEGE EXCELLENCE HIGHLIGHTED IN
OFSTED REPORT We are immensely proud that our latest Ofsted report recognises the passion and commitment of our teaching and support staff in delivering an exceptional student experience.
We are particularly pleased that Ofsted has acknowledged our adult learning provision, 16-18 study programmes, behaviours, attitudes and personal development of our students – all of them rated ‘outstanding’.
This report is a testament to the hard work and dedication of everyone at Blackburn College, as we continue to provide the highest quality education for all our students.
Blackburn College is celebrating a fantastic Ofsted result that highlights its commitment to providing an outstanding learning environment, excellent student experience and strong employer partnerships. The report reinforces what we already know – Blackburn is an exceptional place to study, work, and grow, where ambition is nurtured, success is celebrated and futures are built.
With a strong ethos of academic excellence and personal development, Blackburn College empowers its students to set ambitious goals and work hard to achieve them. Year after year, its results continue to improve, reflecting the success of its approach and further strengthening its reputation for excellence.
What Ofsted had to say
• “Leaders collaborate exceptionally well with a wide range of employers and partners to ensure that they meet the future needs of key industries.”
• “Adult students make outstanding progress.”
• “Tutors and assessors are experts in their fields.”
• “Students’ lives are transformed.”
blackburn.ac.uk
business@blackburn.ac.uk 01254 292500
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