McColl’s appointing administrators
Sad news today as McColl’s are appointing administrators later this evening.
The company said in a statement to the London Stock Exchange: “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.”
McColl’s will apply to the court later today to appoint the administrators.
Shares on the stock market have been suspended.
The chain has 1,100 branches and 16,000 staff.
Morrisons had tabled a last-minute rescue deal to save the struggling convenience store business.
Morrisons has approached PwC, who are advising lenders to McColl’s. This would save the vast majority of jobs and stores.