EG Group is set to end 24 years as a private company with a $13bn float on the New York Stock Exchange, according to reports.

Co-founder of EG Group and current non-executive, Zuber Issa, told the Sunday Times that “the road map is starting now” on an IPO, with the float expected to complete this year or next.

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 would probably float under the name Cumberland Farms, which is an American convenience-store operator it bought in 2019, according to the Financial Times.

“If we had still had [the majority of] our assets in the UK, we would have had a much closer look at a UK IPO,” Zuber Issa told the Times.

It’s another blow for the London Stock Exchange, which has seen a raft of high-profile exits – takeaway service Just Eat, travel group TUI and Flutter Entertainment all disappeared in 2024 – and a number of snubs as private firms prefer to list elsewhere.

Rothschild, Barclays, Goldman Sachs, JP Morgan and Morgan Stanley are among advisers lined up to take part in the float, according to a report in Mergermarket late last year.

The launch has reportedly been brought to allow EG Group’s private equity backer, TDR Capital, to realise an exit alongside the Issa brothers. Currently, TDR and the Issa brothers each own roughly 50 per cent of EG Group.

TDR Group denied that the launch was “shareholder driven” and told the Financial Times that the idea was “far-fetched”.