McColl’s: Convenience store chain has no clue why share price up 60 per cent
McColl’s share price surged 61 per cent on Thursday, with the convenience store operator saying it has no idea why.
In an update on the London Stock Exchange, McColl’s said it “notes the recent rise in the company’s share price and confirms that it does not know of any reason for this price movement.”
The group has been hunting for a bidder as it attempts to dodge collapse, with debts of almost £170m.
McColl’s statement continued: “As previously announced, the group remains in ongoing dialogue with its lenders with a view to achieving a longer-term agreement in relation to the balance of its existing facility, however, there is no certainty as to the successful outcome of these discussions.”
It said a further update would be made “as and when” discussions conclude.
The chain is no stranger to dramatic share price movement and saw shares slide 54 per cent on 28 February after it confirmed it was seeking a capital injection to stave off collapse.