Lanarkshire job loss fears as future of convenience store stalwarts, McColl's, looks bleak

dailyrecord.co.uk:

One of the UK's largest convenience store chains is at risk of going into administration as they frantically search for a new financing solution.McColl's confirmed earlier this week that a takeover bid to buy the company has been withdrawn, with a number of parties looking to buy different parts of the business.With 18 branches across Lanarkshire, the firm confirmed it was working through £97m of debt difficulties with lenders, seeking a long-term agreement in relation to the balance of its facility.The Lanarkshire Live app is available to download now.

Get all the news from your area – as well as features, entertainment, sport and the latest on Lanarkshire’s recovery from the coronavirus pandemic – straight to your fingertips, 24/7.The free download features the latest breaking news and exclusive stories, and allows you to customise your page to the sections that matter most to you.Head to the App Store and never miss a beat in Lanarkshire - iOS - Android They believe it will find a financing solution that involves its existing stakeholders, with a further update to be made following the conclusion of the talks.In September, the group completed a placing and open offer, raising net proceeds of £30m.Two-thirds of this was raised to accelerate the Morrisons Daily store roll-out, which it claims is on track.Morrisons Daily stores are delivering like-for-like sales growth that is at least 20 per cent better than non-converted, comparable stores.McColl's remains on track to complete 450 Morrisons Daily store conversions by the end of 2022 financial year, aiming to reshape the business into a more profitable and sustainable model in the medium term.McColl's has more than 1300 stores in the UK, and employs around 16,000