Stuart Rose steps down as EG Group chair ahead of US IPO
Stuart Rose has stepped down as chair of EG Group ahead of the forecourt firm’s flotation in New York later this year.
The retail industry veteran and Conservative peer has been replaced with immediate effect by Roland Smith, the current chairman of American fast-food chain Jack’s, in the clearest sign yet the company is seeking to court US investors ahead of the planned IPO. Smith was previously chairman and chief executive of Office Depot, the world’s second-largest office supply chain, as well as president & chief executive of fast-food chain Wendy’s.
“Attracting an industry leader of Roland’s calibre and expertise will strengthen our board as we execute on our growth strategy across convenience retail, foodservice and fuel offerings,” said EG Group chief executive officer Russ Colaco.
Rose, the former M&S chief who took on the EG Group chairmanship in 2021 alongside chairing Asda, will transition into a non-executive director role on the company’s board, EG said.
EG Group is gearing up to end a quarter of a century as a private company with a New York Stock Exchange float as soon as this year that is expected to value the company at around $9bn.
Co-founder of EG Group and current non-executive, Zuber Issa, told the Sunday Times last year that “the road map is starting now” on an IPO, with the float expected to complete by the end of 2026.
New York, New York
Despite being founded in Greater Manchester in 2001, the group plans to float in New York, as it does most of its business in the States.
It could float under the name Cumberland Farms, which is an American convenience-store operator it bought in 2019, according to the Financial Times.
Rothschild, Barclays, Goldman Sachs, JP Morgan and Morgan Stanley are among advisers lined up to take part in the float, according to a 2024 report in Mergermarket.
The launch has reportedly been brought to allow EG Group’s private equity backer, TDR Capital, to realise an exit.
In September, Rose launched a scathing attack on the government’s economic strategy, claiming the UK is “at the edge of a crisis.”
The City veteran told Times Radio: “I think we should all be worried about the state of Britain today.
“Now, I am absolutely an optimist in my life. I’ve been working for over half a century. And today, I sit here and I look at the state of the nation and I say to myself, I believe we’re genuinely at the edge of a crisis.
“If we don’t take some radical action and take notice of what’s going on, we’re going to find ourselves in a very difficult spot.”