EG Group swoops in to save collapsing convenience chain McColl’s as thousands of jobs remain at risk May 6, 2022 McColl’s had been placed under administration of accounting and consulting firm PriceWaterhouseCoopers, after failing to get the short-term funding to stay afloat. In an announcement this afternoon, the company 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 [...]
McColl’s appeals for rescue deal: Administration ‘increasingly likely’ unless solution can be found May 5, 2022 Convenience store giant McColl’s has said it is “increasingly likely” it will be forced to call in administrators unless an immediate rescue deal can be cinched. Responding to press speculation, the London-listed firm said that “unless an alternative solution can be agreed in the short term, it is increasingly likely that the group would be [...]
McColl’s warns of ‘softer’ trading as newsagent continues rescue talks April 25, 2022 McColl’s has acknowledged “softer trading” as customers hold back on spending while the chain continues to try secure a financial lifeline from partners. Shares tumbled some 50 per cent in early trading on Monday morning, after the retail firm gave an update on its rescue deal talks. In a trading update on Monday, the convenience [...]
McColl’s: Convenience store chain has no clue why share price up 60 per cent April 7, 2022 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 [...]
McColl’s boss steps down after six years at the helm amid rescue talks March 24, 2022 The chief of beleaguered convenience store chain McColl’s has quit as the business faces an existential crisis. The chain has been in talks with lenders over emergency cash, as it hopes to find a buyer to secure its future. After three decades with the chain and six years in leadership, Jonathan Miller has quit the [...]
Convenience chain McColl’s battles administration fears February 26, 2022 Convenience store chain McColl’s Retail Group is gearing up to find a buyer as the struggling company nears collapse. As first reported by Mark Kleinman for Sky News, the group have called in advisers to help find a bidder, and are exploring third party options, who may be willing to invest further capital. McColl’s trades from [...]
The City View Daily Podcast: Inflation, David Cameron and Arbuthnot Latham November 17, 2021 Welcome to City A.M.’s daily news podcast, The City View, live from the newsroom. Editor Andy Silvester whistles through the big news in the Square Mile today – including the latest on David Cameron’s faltering business career and a day to forget for McColl’s. But the big news of the day is inflation – which [...]
McColl’s shares topple by a third after supply chain nightmare hits profit forecast November 17, 2021 Convenience store chain McColl’s saw shares plummet by a third after it warned annual profits would be impacted by supply chain chaos. The firm blamed a lack of HGV drivers for a lack of supply of key items in the final quarter of its financial year. It said its EBITDA for the 2021 financial year [...]
Morrisons’ messy and dramatic takeover battle: Where are we now? August 20, 2021 Morrisons agreed a £7bn offer late last night in the latest twist in the UK supermarket chain’s dramatic takeover battle. Shares jumped this morning after investors digested the new deal from US private equity firm Clayton, Dubilier & Rice (CD&R). It comes weeks after a rival bidder, a consortium led by private equity rival Fortress, [...]
Wholesale group Supreme bets revenues on vaping amid lockdown growth July 20, 2021 Wholesale provider Supreme, the company behind 88Vape, has seen its revenue for the smoking alternative alone lift 36 per cent as lockdown smokers tried to kick the habit. The company’s total preliminary revenue was up 33 per cent at £122.3m in the year to 31 March, up from £92.3m in the year prior. Gross profits [...]