McColl’s collapses into administration as EG Group seeks to trump Morrisons’ approach
McColl’s has plunged into administration amid reports that Asda owners the Issa brothers are looking to trump rival Morrisons’ approach to save the c-store specialist.
McColl’s said it has appointed PwC as administrators after its lenders appear to have vetoed the approach made overnight by Morrisons to save the business.
In a statement, McColl’s said its banks had declined to extend the waiver on its covenants and, despite the ongoing discussions with Morrisons, “had made clear that they were not satisfied that such discussions would reach an outcome acceptable to them”.
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