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 owner CD&R eyes £2.5bn takeovers of facilities management titans May 17, 2022 Morrison private equity owner is reportedly planning to snap up and merge two facilities management firms. Clayton Dubilier & Rice (CD&R) is in discussions to buy significant stakes in Atalian Servest and OCS, Sky News reported. Last year, the New York-based private equity firm clinched a £7bn deal to takeover the grocer Morrisons. The deals [...]
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 [...]
Morrisons ups offer to bail out McColls in bid to claw chain back from Asda owning rivals May 8, 2022 Morrisons has put forward a last-minute offer to bail out McColls in a bid to claw it out the hands of its Asda owning rivals. Bradford headquartered supermarket chain Morrisons has improved its offer to buy McColls by vowing to pay its lenders immediately in full, Sky News first reported today. The improved offer comes [...]
Tesco, Sainsbury’s and Greggs join forces to lobby Sunak to slash business rates May 3, 2022 Supermarket giants have reiterated calls for a cut in business rates as firms endeavour to keep prices competitive for shoppers amid rising inflation. Big names including Morrisons and Co-op have come together under a new Cut the Shops Tax campaign, organised by the Retail Jobs Alliance. In a joint letter to Chancellor Rishi Sunak, bosses [...]
CMA to allow Morrisons owner to sell 87 petrol stations to complete £7bn deal May 3, 2022 The UK’s competition watchdog has said it is poised to give a green light to the owner of Morrisons over selling dozens of petrol stations. The Competition and Markets Authority (CMA) has been probing Clayton, Dubilier & Rice’s £7bn takeover of the supermarket and previously raised competition concerns. The New York private equity firm also [...]
Households face extra £271 on annual food bill as grocery inflation highest since 2011 April 26, 2022 Households are facing an additional £271 to their grocery bill, with price inflation now standing at the highest level in over a decade. According to fresh data from Kantar, grocery price inflation has reached 5.9 per cent, the highest level since December 2011. Brits are facing a slew of price increases this spring, as businesses [...]
Price war: Asda and Morrisons slash prices as supermarkets battle to woo shoppers April 25, 2022 Supermarkets are vying to win shoppers hunting for cheaper deals, as Asda and Morrisons become the latest to announce price cuts. Asda, owned by the billionaire Issa brothers, has said it will inject more than £73m into ensuring the prices of more than 100 essential items are low, until the end of the year. Meanwhile, [...]
CD&R offers to sell petrol stations so watchdog will green light £7bn Morrisons takeover April 7, 2022 Morrisons’ new private equity owner has suggested it would sell an undisclosed number of petrol stations in order to be approved by the UK’s competition watchdog. The competition watchdog had previously expressed concerns as Clayton, Dubilier & Rice (CD&R) also owns petrol station titan Motor Fuel Group (MFG). The Competition and Markets Authority (CMA) said [...]