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On 05 May 2022, McColl's Retail Group plc responded to press speculation, confirming it remains in discussions regarding potential financing solutions, as previously disclosed on 25 April 2022. The Group stated that it is increasingly likely to be placed into administration, unless an alternative solution is agreed, with the objective of a sale to a third-party purchaser and securing creditors/employees. McColl's also noted that even a successful outcome is likely to result in little or no value being attributed to its ordinary shares.
| Date | 5 May 2022 |
| Time | 17:37:49 |
| Category | Corporate updates |
| ID | 5279K |
5 May 2022
McColl's Retail Group plc
Response to press speculation
McColl's Retail Group ("McColl's" or "the Group"), the UK's leading community retailer, notes recent press speculation regarding the Group.
As previously disclosed on 25 April 2022, the Group remains in discussions regarding potential financing solutions for the business to resolve short term funding issues and create a stable platform for the business going forward.
However, whilst no decision has yet been made, McColl's confirms that unless an alternative solution can be agreed in the short term, it is increasingly likely that the Group would 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. Even if a successful outcome is achieved, it is likely to result in little or no value being attributed to the Group's ordinary shares.
A further update will be made as and when appropriate.
Enquiries
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Analyst & Investors: |
Tej Randhawa, McColl's
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+44 (0)1277 372916 |
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Media: |
Ed Young, Headland Rob Walker, Headland
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+44 (0)203 805 4822 |
About McColl's Retail Group
McColl's is a leading neighbourhood retailer, with an estate of over 1,100 managed convenience stores and newsagents. We operate McColl's and Morrisons Daily branded convenience stores as well as newsagents branded Martin's across the UK, except in Scotland where we operate under our heritage brand, RS McColl.