Billionaire owners of Asda are reportedly planning to open more than 300 Asda convenience stores across their EG Group forecourt estate.

The Issa Brothers and partners TDR Capital acquired the majority stake in Asda last year, in a deal with £6.8billion, and are now looking to make their mark within the business.

Newspaper The Sunday Times said that Mohsin and Zuber Issa hope to roll out the "Asda on the Move" stores to around 400 UK sites, after a successful trail at five EG Group petrol stations.

This follows similar reports that retailer McColl's is preparing a £30 million equity raise to boost its Morrisons Daily store expansion. The business is currently converting hundreds of its own branded sites to Morrisons Daily formats.

McColl's said it was "currently exploring options relating to a potential capital raise to increase the number of its Morrisons Daily store conversions, accelerate the pace of roll-out of its Morrisons Daily store conversion programme, and strengthen its balance sheet".