Retailer McColl's reportedly on brink of collapse with administrators to be called in
dailyrecord.co.ukRetailer McColl's is reportedly on the brink of collapse and will fall into administration if urgent funding isn't successful.
In a statement issued on Thursday May 5, the convenience store chain said the possibility was looking "increasingly likely".The company - with some 16,000 employees, the majority of whom are part-time - noted the administrators would be called in the following day and insisted that discussions are still ongoing.
The BBC reports McColl's also said that the organisation may be "be placed into administration with the objective of achieving a sale of the group to a third-party purchaser and securing the interests of creditors and employees." The firm also has a partnership with supermarket Morrisons, Wales Online reports.
It comes after shares took a nosedive after confirming it was currently in contact with banks to secure cash to prevent it collapsing.McColl's revealed it recently received a full takeover approach from an unnamed suitor but said that this had since been withdrawn.It also warned that its earnings were set to miss targets for the year. Don't miss the latest news from around Scotland and beyond - Sign up to our daily newsletter here .
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