McColl’s boss steps down as chain fights for survival
The boss of McColl’s Retail Group has stepped down as the convenience store chain looks to raise funds for its survival.
The departure of Jonathan Miller, who has been with the company since 1992, came as the retailer said that it “remains in an ongoing dialogue with its lenders… and continues to believe that a financing solution will be found that involves its existing partners and stakeholders”.
Shares in McColl’s, which owns 1,100 managed shops, have fallen by another 12% to 1.8p, valuing the group at just £5.3m.
The boss of McColl’s Retail Group has stepped down as the convenience store chain looks to raise funds for its survival.
The departure of Jonathan Miller, who has been with the company since 1992, came as the retailer said that it “remains in an ongoing dialogue with its lenders… and continues to believe that a financing solution will be found that involves its existing partners and stakeholders”.
Shares in McColl’s, which owns 1,100 managed shops, have fallen by another 12% to 1.8p, valuing the group at just £5.3m.
Earlier this month it emerged that the Issa brothers and TDR Capital, the new owners of Asda, had made a takeover approach for the business but had subsequently walked away.
McColl’s has a wholesale agreement with Morrisons and an agreement to increase the number of Morrison Daily stores from 200 to 450 shops. Morrisons has already been providing longer payment terms to McColl’s in an effort to support the business, but it is thought unlikely to pursue a takeover unless it was a distressed situation.
Angus Porter, McColl’s chair, is assuming the role of executive chair, while Karen Bird, chief operating officer, is taking the role of interim chief executive. The business said its search for a replacement would conclude “successfully in the near future”.
The Times (£)
