Billionaire retail magnate Mohsin Issa, former CEO and co-owner of Asda, has made his first major investment since stepping down from the supermarket giant, investing £10 million into Liverpool-based sports supplement company Applied Nutrition. The company is preparing for an IPO on the London Stock Exchange.
Issa’s investment in Applied Nutrition comes through his investment vehicle, Boulder Investco Limited, and marks his first foray into new ventures following his departure from Asda’s leadership in September. His departure followed a decline in sales that was publicly criticized by Asda’s chairman, Lord Rose. Despite stepping down as CEO, Issa remains co-owner of Asda with a 22.5% stake and holds a seat on the board.
This investment also signals a shift in Mohsin Issa’s business trajectory as he and his brother, Zuber Issa, untangle their shared business interests. The brothers, who are worth an estimated £5 billion, have built a huge empire, including petrol station operator Euro Garages, which became a springboard for their £6.8 billion takeover of Asda in 2021 with private equity firm TDR Capital.
In recent months the Issa brothers have divided their interests, with Zuber selling his 22.5% stake in Asda to TDR Capital in June. Zuber also stepped down as co-CEO of their forecourt business, EG Group, after acquiring the UK business for £228 million, which he now runs independently. Despite the split, Mohsin has played down any rumors of a rift, stating that the brothers “get along exceptionally well.”
Applied Nutrition, which produces protein supplements and other sports nutrition products, is chaired by Andy Bell, founder of investment platform AJ Bell. The company has set the price range for its initial public offering (IPO) at between 136p and 160p per share, giving it an estimated valuation of between £340m and £400m.
Mohsin Issa joins a group of four prominent North West entrepreneurs backing the IPO, including Home Bargains founder Tom Morris and Liverpool property developer George Downing. Collectively, the investors are expected to own up to 7% of the company after the IPO.
Applied Nutrition’s growth and upcoming stock market listing are further supported by a significant 32% stake from JD Sports, the Bury-based retail giant. Existing shareholders plan to sell approximately 137 million shares, worth between £186 million and £220 million.
This investment marks another step in Issa’s post-Asda ventures as he continues to focus on supporting successful entrepreneurs and UK businesses. In a joint statement with his brother, Mohsin Issa said: “Our passion is supporting great entrepreneurs and helping them build strong British businesses that drive growth and create jobs.”
Applied Nutrition did not immediately comment on Issa’s involvement, but is expected to benefit from its significant retail and entrepreneurial experience as it moves closer to listing.