McColl's

The convenience store business has been in discussions with potential lenders to help shore up the business. The 1,400 store group was crippled by the Covid ...

"However, whilst no decision has yet been made, McColl's confirms that unless an alternative solution can be agreed in the short term, it is increasingly likely that the group would be placed into administration with the objective of achieving a sale of the group to a third-party purchaser and securing the interests of creditors and employees. In a statement in which it described itself as "the UK's leading community retailer", a representative said: "As previously disclosed on April 25, 2022, the group remains in discussions regarding potential financing solutions for the business to resolve short-term funding issues and create a stable platform for the business going forward. It said that unless those talks are successful, it is "increasingly likely that the group would be placed into administration".

Convenience store chain says any rescue likely to result in little or no value being attributed to its shares.

Then this week McColl’s said it was delaying publication of its annual results as it continued discussions about “finding a solution for the business”. A so-called pre-pack deal would allow Morrisons to take on the stores it wants without McColl’s smaller newsagents and its pension scheme. The convenience store chain McColl’s has said it is increasingly likely to call in administrators as it battles to secure a rescue deal with 16,000 jobs in the balance.

The operator of hundreds of Morrisons Daily stores could appoint administrators as soon as Friday amid fading hopes of a rescue deal, Sky News learns.

Even if a successful outcome is achieved, it is likely to result in little or no value being attributed to the Group's ordinary shares." "However, whilst no decision has yet been made, McColl's confirms that unless an alternative solution can be agreed in the short term, it is increasingly likely that the Group would be placed into administration with the objective of achieving a sale of the Group to a third-party purchaser and securing the interests of creditors and employees. Jonathan Miller, McColl's recently departed chief executive, said in December that the financial year had "undoubtedly been a tough year for the business, starting with the impact of COVID-19 restrictions and ending with the widely reported and ongoing supply chain challenges". In November, McColl's announced that it would expand the number of Morrisons Daily conversions from 350 to 450 within a year. Morrisons is said to have proposed a rescue deal to McColl's lenders in recent weeks that would have involved its banks taking a haircut on their debt, with the supermarket chain injecting new capital. One cautioned, however, that a rescue deal did remain possible and said that ongoing talks about McColl's future could mean that the appointment of administrators was delayed beyond the end of this week.

A collapse would make it one of the largest retail insolvencies since Debenhams and Sir Philip Green's fashion chains including Topshop went bust. McColl's has ...

It was also hammered by the shortage of lorry drivers and warehouse workers. McColl’s said the objective of an administration would be to secure a sale of the business and “secure the interests of creditors and employees”. The retailer insisted no decision had been made and it was still in talks to secure emergency cash to keep it afloat.

The retailer said it was "increasingly likely" it would fall into administration but talks are continuing.

It revealed that it recently received a full takeover approach from an unnamed suitor but said that this had since been withdrawn. Convenience store chain McColl's is on the brink of collapse, according to reports. It said that without any extra cash, the group would likely "be placed into administration with the objective of achieving a sale of the group to a third-party purchaser and securing the interests of creditors and employees", the BBC reports.

The British retailer has been in discussions with potential lenders to shore up the business, which struggled badly during the pandemic due to supply chain ...

'However, whilst no decision has yet been made, McColl's confirms that unless an alternative solution can be agreed in the short term, it is increasingly likely that the group would be placed into administration with the objective of achieving a sale of the group to a third-party purchaser and securing the interests of creditors and employees. Now, it has revealed that unless those talks are successful, it is 'increasingly likely that the group would be placed into administration'. Struggling convenience store business McColl's has revealed it is 'increasingly likely' it could fall into administration.

THOUSANDS of jobs are said to be at risk as a convenience store chain risks mass closure.

A McColl’s representative said: “Whilst no decision has yet been made, McColl’s confirms that unless an alternative solution can be agreed in the short term, it is increasingly likely that the group would be placed into administration with the objective of achieving a sale of the group to a third-party purchaser and securing the interests of creditors and employees. “Even if a successful outcome is achieved, it is likely to result in little or no value being attributed to the group’s ordinary shares.” The company is now looking to find a solution for the reduced consumer spending and supply chain disruption because of the pandemic.

The retailer said on Thursday that it was increasingly likely it would enter administration.

You can also get in touch in the following ways: Around the same time, it and other firms also faced allegations from the government that it had failed to pay some of its workers the UK minimum wage. McColl's successfully raised £30m from shareholders last year to invest in driving the expansion of its Morrisons Daily convenience stores, but at the time it warned that footfall had been hit by the coronavirus pandemic. McColl's said that without any fresh funding in the short-term, the group would likely "be placed into administration with the objective of achieving a sale of the group to a third-party purchaser and securing the interests of creditors and employees". Stores that had done this had done well, Ms Wickham said, as shopping habits shifted to buying more locally in the coronavirus crisis, but the chain had lacked investment, and only a small proportion of its stores had made the shift. McColl's said that its accounts would not be signed off in time to meet the deadline.

The supermarket giant has proposed a last-ditch deal that would avert McColl's collapse into insolvency and preserve the majority of its stores and ...

"However, whilst no decision has yet been made, McColl's confirms that unless an alternative solution can be agreed in the short term, it is increasingly likely that the group would be placed into administration with the objective of achieving a sale of the Group to a third-party purchaser and securing the interests of creditors and employees. In November, McColl's announced that it would expand the number of Morrisons Daily conversions from 350 to 450 within a year. It came within hours of McColl's confirmation that it was on the brink of calling in administrators unless a "financing solution" to avert its collapse could be found. Precise details of the proposal were unclear on Friday morning, though one insider close to McColl's said the "vast majority" of its 1,100 stores and 16,000 jobs would be retained after a takeover. The supermarket giant Morrisons has proposed a last-ditch rescue deal for McColl’s Retail Group that would preserve the majority of its 16,000-strong workforce. The supermarket giant has proposed a last-ditch deal that would avert McColl’s collapse into insolvency and preserve the majority of its stores and workforce, Sky News can reveal.

The retailer has been in discussions with potential lenders - including Morrisons - to shore up the business, which struggled badly during the pandemic due ...

In November, McColl's announced that it would expand the number of Morrisons Daily conversions from 350 to 450 within a year. Earlier this week, it was revealed the group was set to have its shares suspended from the London Stock Exchange as bosses said they would be unable to get its accounts signed off by auditors in time. “However, whilst no decision has yet been made, McColl's confirms that unless an alternative solution can be agreed in the short term, it is increasingly likely that the group would be placed into administration with the objective of achieving a sale of the group to a third-party purchaser and securing the interests of creditors and employees.

Morrisons, the supermarket giant, has suggested a last-minute rescue deal for McColl's, the convenience store chain on the verge of bankruptcy.

Sky News first reported that Morrisons had suggested to McColl's lenders a proposal in which the supermarket would inject funds; according to insiders, that idea had not gained traction. When asked about Sky News' suggestion that administrators could be called in as early as Friday, they said there would be no further comment beyond the initial statement, and a further update would be made “as and when appropriate”. The McColl's Retail Group is a British convenience store and newsagent chain that operates under the names Morrisons Daily and McColl's (for its convenience stores), Martin's (for its newsagents and pound shops) and RS McColl in Scotland.

Supermarket giant Morrisons has proposed a last-minute rescue deal for McColl's, the convenience store chain which is on the brink of collapse. McColl's warned ...

Its partnership with Morrisons to transform hundreds of existing stores into Morrisons Daily convenience stores has been a success in driving sales. But they haven't been able to roll them out quickly enough. P&H collapsed shortly afterwards leaving McColl's with big supply chain disruption as it then hastily switched to Morrisons. Covid has exacerbated those problems. It launched Morrisons Daily shops soon after selling its struggling M Local sites, and in 2019 McColl's started to rebrand stores as Morrisons Daily as part of its supply deal. Morrisons declined to comment. Morrisons has been talking to McColl's and its creditors for weeks as it aims to thrash out a rescue.

Asda owners in the frame to buy ailing convenience store chain after it goes into administration.

More than 200 of its stores trade under the Morrisons Daily brand. McColl’s has collapsed into administration, with the owners of Asda expected to buy the ailing convenience store chain. "The board was regrettably therefore left with no choice other than to place the company in administration in the expectation that they intend to implement a sale of the business to a third-party purchaser as soon as possible," McColl’s said.

Lenders reject last-minute rescue deal from Morrisons to take on convenience store chain.

Bryan Roberts, a retail analyst at Shopfloor Insights, said: “McColl’s should have had a good pandemic but it does not have a full range and its pricing is out of kilter. The group has struggled since the collapse of its former wholesale supplier Palmer & Harvey in 2017, which left it with heavy costs and disruption to deliveries. McColl’s has been in talks for the past six months with its lenders after being hit by supply difficulties and poor sales.

Shares in UK convenience store chain McColl's slumped on Friday as the company said it was increasingly likely to call in administrators as it continued to ...

“Whilst no decision has yet been made, McColl’s confirms that unless an alternative solution can be agreed in the short term, it is increasingly likely that the group would be placed into administration with the objective of achieving a sale of the group to a third-party purchaser and securing the interests of creditors and employees,” the company said in a statement on Thursday after the market closed. McColl’s, which runs a chain of 1,100 stores, also this week said it was delaying publication of its annual results as it continued negotiations on “a solution for the business”. Some 16,000 jobs are at risk. Shares in UK convenience store chain McColl’s slumped on Friday as the company said it was increasingly likely to call in administrators as it continued to talk to lenders about a rescue deal.

Troubled UK retail chain McColl's went into administration on Friday after talks with Morrisons to buy the chain of convenience stores fell through.

Shares on the stock market have been suspended. “In order to protect creditors, preserve the future of the business and to protect the interests of employees, the board was regrettably therefore left with no choice other than to place the company in administration, appointing PriceWaterhouseCoopers as administrators, in the expectation that they intend to implement a sale of the business to a third-party purchaser as soon as possible,” the company said in a statement. Troubled UK retail chain McColl's went into administration on Friday after talks with Morrisons to buy the chain of convenience stores fell through.

The 120-year-old company has struggled financially in recent years after witnessing soaring costs due to supply chain disruption, inflation and its large debt ...

Start your Independent Premium subscription today. Subscribe to Independent Premium to bookmark this article By clicking ‘Register’ you confirm that your data has been entered correctly and you have read and agree to our Terms of use, Cookie policy and Privacy notice.

The convenience store chain has over 1,100 outlets across England, Scotland and Wales. McColl's employs around 16,000 staff, or roughly 6,000 full-time. But the ...

McColl's is understood to have been in discussions with potential lenders to shore up the business for several months, after it struggled during the pandemic due to supply chain issues, inflation and a heavy debt burden. A McColl's statement to the London Stock Exchange said: "In order to protect creditors, preserve the future of the business and to protect the interests of employees, the board was regrettably therefore left with no choice other than to place the company in administration, appointing PriceWaterhouseCoopers as administrators, in the expectation that they intend to implement a sale of the business to a third-party purchaser as soon as possible." But the firm confirmed this afternoon it has had to go into administration "to preserve the future of the business and to protect the interests of employees".