CONVENIENCE store chain
As first reported by
McColl's trades from 1200 convenience stores and newsagents across the
According to City sources,
The group raised £30m from shareholders in a cash call just six months ago and in November announced that it would expand the number of
If the group, which carries debts of almost £170m, were to go into administration, it would represent a huge blow to retail, as well as thousands of jobs.
The group has struggled since the start of the pandemic to move alongside changing consumer habits, and closed 179 stores in 2020 alone. Its strategy has been to shift from low margin newsagents towards larger, food-led convenience stores.
Shares in McColl's were down over three per cent on Friday at 7p, and they have dropped nearly 70 per cent over the last year.
(c) 2022 City A.M., source