Newsagent chain McColl’s has appointed PWC as administrator.
The appointment comes after the retailer’s senior lenders declined to further extend a waiver of the company’s banking covenants, which has now expired.
McColl’s said that while it had “constructive discussions” with Morrisons – its key wholesale supplier – to find a solution to its funding issues and create a stable platform, its lenders had made it clear they “were not satisfied that such discussions would reach an outcome acceptable to them”.
