Co-founder and ex-CEO John Vincent has vowed to reinvigorate healthy fastfood chain Leon and return it to its core values after buying it back from Asda.
The cut-price deal for the healthy fastfood chain, which he sold to EG Group for £100m in April 2021, includes all 46 Leon restaurants, 22 UK franchises and three franchise sites in the Netherlands. Around 1,120 Leon colleagues will transfer as part of the deal.
It will be the third time Vincent has lead the premium fast-food chain. After setting up the in 2004 with co-founders Henry Dimbleby and Allegra McEvedy in 2004 he stepped down in 2008 but moved back into an executive position in 2012 and was appointed CEO in 2014, where he grew the number of restaurants from 17 to 75.
The £100m sale of the chain to Mohsin and Zuber Issa, the the billionaire owners of EG Group in April 2021, was considered a masterstroke at the time as sales were still in the doldrums due to the pandemic and it was heavily loss making.
Despite closing some outlets under Asda’s ownership the chain’s losses widened to £19.5million in its latest accounts to 31 December 2023, though Asda maintained at the time that it was “actively exploring” expansion. However, its struggles have continued. And just last month Vincent’s cofounder and former government food tzar Henry Dimbleby slammed Asda owners TDR for “destroying” the fast-food chain it acquired in 2021 alongside EG Group.
Read more: Is Henry Dimbleby right about Asda destroying Leon’s brand ethos?
Announcing the deal this evening Vincent struck a different tone as he vowed to return the premium takeaway business to its former glory.
“Today I have bought back Leon. For 17 years, it was the greatest gift to build a company dedicated to helping people enjoy naturally fast food. My time away from Leon has given me new perspectives – and I’m excited by what we can achieve for people this time round. There will likely be some big decisions ahead, but first we need to take a good look under the bonnet.
“First and foremost, we have to focus on the basic Leon promise of the best fast food served with the biggest welcome. If you are a Leon guest, I want you to know we are on the case. We will now get on with dedicating ourselves to your enjoyment and to your health.
“I would like to thank Asda and TDR for their stewardship of Leon and for their conduct in this deal. TDR have a strong track record of supporting food and beverage businesses in the UK and have been a pleasure to engage with during this process.”
Asda said the sale would strengthen Asda’s strategic focus on improving its core retail operations, as chairman Allan Leighton presses on with his turnaround plan.
“We would like to thank Leon colleagues for their contribution and hard work during the last two years as part of the Asda business and wish them all the best as they move forward under new ownership,” said an Asda spokesman.
The supermarket added that it remained committed to food service, as an “integral part of its customer offering”, pointing out that it operates 300 food service sites through its partnerships with the likes of Greggs, Burger King, Costa, Subway, Burger King and McDonalds.
The deal was first reported by The Times on Friday afternoon, Asda later confirmed the sale.
Vincent has invested in various food and drink projects since the £100 million sale of Leon, including vegan and gluten-free cookie franchise The After School Cookie Club, as well food influencer Marketing platform Invyted, alongside former Sainsbury’s boss Justin King.
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