Morrisons one step closer to watchdog green light for McColl’s takeover October 10, 2022 The competition watchdog has said it is minded to accept proposals from Morrisons that would alleviate any concerns over higher prices for consumers amid its takeover of McColl’s. The Competition and Markets Authority (CMA) had raised competition concerns regarding a small number of areas amid the supermarket’s £190m takeover of the beleaguered convenience store chain. [...]
Morrisons’ takeover of McColl’s won’t risk higher prices for vast majority of shoppers, CMA says September 8, 2022 Morrisons’ takeover of McColl’s newsagents has resulted in competition concerns in just a small number of areas, a watchdog has found. The Competition and Markets Authority (CMA) said the supermarket’s £190m rescue deal meant that the vast majority of areas will not face reduced competition. However, in 35 areas, the deal has presented price increase [...]
Competition watchdog CMA launches probe into Morrisons takeover of McColl’s July 13, 2022 The CMA, the UK’s competition watchdog, confirmed this morning the launch of a ‘phase one’ investigation into Morrisons’ takeover of McColl’s. Bradford-based supermarket chain Morrisons snapped up McColl’s in a £190m rescue deal in May after the convenience chain collapsed into administration in light of soaring costs due to supply chain disruption, inflation and its [...]
Exclusive: Rotageek’s CEO on ‘the silver bullet’ for the future of flexible working June 28, 2022 The early 2020s have been difficult for business leaders and employers. Not only have they needed to cope and adjust to unpredictable levels of customer demand, but they’ve also needed to to keep their teams going through the harsh uncertainties of lockdowns, pingdemics and furloughs. These curveballs have forced businesses to accelerate the need to [...]
Competition concerns: Morrisons’ takeover of McColl’s probed by CMA May 30, 2022 The competition watchdog is probing Morrisons’ takeover of beleaguered newsagent operator McColl’s, it has been confirmed. The Competitions and Markets Authority (CMA) said on Monday it had launched an inquiry to investigate whether the takeover will impact competition in the UK, with an initial enforcement order. The two businesses will be instructed to compete as [...]
Smiths News anticipates smaller than expected hit from McColl’s administration May 30, 2022 Newspaper distributor Smiths News has said it is anticipating a smaller than expected hit from McColl’s administration. The London-listed firm, which continues to supply McColl’s under Morrisons’ ownership, has said it has reduced its debt to £5.6m. After McColl’s went into administration, Smiths News took action to mitigate McColl’s bad debt risk, the supplier said [...]
Issa brothers’ EG Group sees fuel gross profit margins reduce slightly after war in Ukraine May 24, 2022 The Issa brothers’ EG Group has seen its fuel division’s gross profit margins slim slightly after Russia’s invasion of Ukraine. Across the firm’s fuel arm, gross profit hit $481m in the three months to 31 March, a 16 per cent increase compared to the first quarter of 2021. However, its gross profit margins were slightly [...]
Morrisons rescue deal for McColl’s totalled £182m May 18, 2022 Grocer Morrisons coughed up some £182m to snap up beleaguered convenience store operator McColl’s, defeating a rival bid from Asda owners the Issa brothers. The newsagent chain’s equity value was worth around £3m earlier this month while senior creditors were owed some £160m, documents from administrators PwC revealed. While the Issa’s EG Group had offered [...]
Morrisons confirms McColl’s rescue deal with thousands of jobs saved May 9, 2022 Morrisons has confirmed it will save McColl’s from collapse, after an agreement with its administrator. Thousands of jobs were left hanging in the balance as McColl’s teetered on the brink of collapse last week. However, now grocer Morrisons has confirmed it will snap up the convenience store operator through a pre-pack administration. The Clayton, Dubilier [...]
Morrisons fends off Issa brothers’ EG Group in battle for McColl’s May 9, 2022 Morrisons has emerged victorious against EG Group in gaining control over McColl’s Retail Group, it has been reported. The supermarket giant had upped its offer to snap up the beleaguered newsagent operator after a last minute battle with the Issa brothers’ EG Group. According to Sky News, the chain beat down its competition after making [...]