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.
If completed, the deal would mark a return to familiar territory for Vincent — but also a major turnaround challenge. Leon’s latest accounts show sales slipped from £64.9 million to £62.5 million in 2024, while pre-tax losses narrowed to £8.4 million from £19.6 million the previous year.
A City source familiar with the negotiations said any new owner would need to undertake a “full turnaround” to restore the brand’s health and profitability. The chain, which once prided itself on its sustainability credentials and Mediterranean-inspired menu, has struggled to compete in an increasingly crowded fast-casual dining market.
The talks come as Asda itself grapples with heavy debts and mounting competitive pressures. The supermarket, jointly owned by the Issa brothers and private equity firm TDR Capital, swung to a loss of nearly £600 million last year. Finance costs surged by 38 per cent, reflecting the burden of higher interest rates.
Asda’s market share has also been squeezed by discount rivals Aldi and Lidl, as well as renewed competition from Tesco, Sainsbury’s and Morrisons.
A successful buyback would allow Vincent to restore Leon’s founding mission of offering “food that tastes good and does you good” — a concept that once earned the chain cult status among health-conscious city professionals.
While neither Vincent nor Asda have commented publicly on the deal, sources suggest an agreement could be reached imminently, setting the stage for one of the most intriguing comeback stories in the UK restaurant sector.
