Leon’s co-founder John Vincent is in discussions to buy back the fast-food brand from Asda, in a move that could see him reclaim control of the chain for less than a third of its 2021 sale price.
The entrepreneur, who founded Leon alongside Henry Dimbleby and Allegra McEvedy in 2004, is understood to be in advanced negotiations with Asda — which acquired Leon two years ago from the Issa brothers’ EG Group. Industry insiders suggest the deal could be worth between £30 million and £50 million, compared with the £100 million the Issas paid just four years ago.
The Issa brothers, best known for building the EG Group petrol forecourt empire, bought Leon in 2021 before transferring it to Asda in 2023 as part of a £2 billion refinancing exercise to reduce EG’s heavy debt load.
Under Asda’s ownership, Leon has faced growing criticism for straying from its original “naturally fast food” ethos. Dimbleby, now a leading food policy campaigner, recently warned that the chain’s commitment to healthy eating was being “destroyed”, accusing its current management of chasing sales through “sugar, salt and cheapness” rather than nutritional quality.
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