Former Asda boss Mohsin Issa invests £10m in sports supplement firm ahead of London IPO

Billionaire retail tycoon Mohsin Issa, the former chief executive and co-owner of Asda, has made his first major investment since stepping down from the supermarket giant, investing £10m in Liverpool-based sports supplements company Applied Nutrition. The company is preparing to offer its shares for public subscription on the London Stock Exchange.

Issa’s investment in Applied Nutrition comes through his investment company, Boulder Investco Limited, and marks his first foray into new ventures following his departure from Asda’s leadership in September. His exit came after a sales decline that was publicly criticized by Asda boss Lord Rose. Despite stepping down as CEO, Issa remains a co-owner of Asda with a 22.5% stake and holds a seat on the board.

This investment also signals a shift in Mohsen Issa’s business trajectory as he and his brother Zubair Issa untangle their common business interests. The brothers, who are worth an estimated £5bn, have built a vast empire, including petrol station operator Euro Garages, which became the launching pad for their £6.8bn takeover of Asda in 2021 alongside private equity firm TDR Capital.

In recent months, the Issa brothers’ interests have been divided, with Zuber selling his 22.5% stake in Asda to TDR Capital in June. Zuber also resigned as co-CEO of their business, EG Group, following the £228m acquisition of the UK operations, which he now runs independently. Despite the split, Mohsen downplayed any rumors of disagreement, stressing that the two brothers “get along very well.”

Applied Nutrition, which produces protein supplements and other sports nutrition products, is headed 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.

Mohsen Issa joins a group of four prominent North West businessmen backing the IPO, including Home Bargains founder Tom Morris and Liverpool property developer George Downing. Together, the investors are expected to hold up to 7% of the company after the IPO.

Applied Nutrition’s growth and upcoming stock market listing is being fueled by a significant 32% stake in JD Sports, the Bury-based retail giant. Existing shareholders plan to sell approximately 137 million shares, valued at between £186 million and £220 million.

This investment represents another step in Issa’s post-Asda ventures, as he continues to focus on supporting successful entrepreneurs and businesses in the UK. In a joint statement with his brother, Mohsen Issa said: “Our passion is to support great entrepreneurs and help them build strong British businesses that drive growth and create jobs.”

Applied Nutrition did not comment directly on Issa’s participation but is expected to benefit from his extensive retail and entrepreneurship experience as it approaches its public listing.


Jimmy Young

Jamie is an experienced business journalist and senior reporter at Business Matters, with over a decade of experience reporting on UK SME business. Jamie holds a degree in Business Administration and regularly participates in industry conferences and workshops to stay at the forefront of emerging trends. When Jamie is not reporting on the latest business developments, he is passionate about mentoring up-and-coming journalists and entrepreneurs, sharing their wealth of knowledge to inspire the next generation of business leaders.

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