BSR
BSR
  • Home
  • Distressed Businesses
    • All Distressed Businessess
    • Administrations
    • Liquidations
    • Winding Up
    • Insolvency Advice  New
  • Buy a Business
    • All Businesses for Sale
    • Find a Business for Sale
    • Raising Business Finance
    • Buyer Acquisition Service   New
    • Escrow Service   New
  • Sell a Business
    • Sell Your Business
    • Seller Accounts
    • Need Help Selling?
    • Help With Finance New
    • Business Valuation
    • Business Wanted Adverts
  • Insights & News
    • View All News
    • View All Insights
  • Off-market
    • Source deals
  • Log In
  • Join Now
Join now
11111111

Home / News / Morrisons and EG Group in fight for McColl's

Morrisons and EG Group in fight for McColl's

Mon, 09 May 2022 | ADMINISTRATION

Morrisons and EG Group in fight for McColl's

Morrisons and EG Group have submitted bids for McColl's Retail Group, according to media reports.

The two retailers are said to be “locked in a two-way fight” after Morrisons put in a final last-minute offer on Sunday. According to the BBC, EG Group, has now met this bid with a revised proposal.

McColl’s, which has an estate of more than 1,100 managed convenience stores and newsagents collapsed into administration last week and was suspended from trading on the London Stock Exchange.

McColl's said in a statement: "In order to protect creditors, preserve the future of the business and to protect the interests of employees, the board was regrettably... left with no choice other than to place the company in administration, appointing PriceWaterhouseCoopers as administrators, in the expectation that they intend to implement a sale of the business to a third-party purchaser as soon as possible."

After the announcement it was made, it was expected that the Issa brothers, who own EG Group which took over Asda in February last year, would agree on a deal with administrators and would rescue McColl’s. However, Morrisons, which already has a joint venture with McColl’s as the retailer runs its Morrisons Daily convenience stores, is understood to have agreed to take on McColl's debts and is said to be willing to pay McColl's lenders in full and straightaway.

Morrisons released a statement which said: “We put forward a proposal that would have avoided today’s announcement that McColl’s is being put into administration, kept the vast majority of jobs and stores safe, as well as fully protecting pensioners and lenders.

“For thousands of hardworking people and pensioners, this is a very disappointing, damaging and unnecessary outcome.”

The two bids are now said to match as according to reports, Morrisons is also prepared to take on McColl's pension commitments, and EG’s offer also now includes this.

The deadline was 18:00 BST on Sunday 9th May for full and final bids.


For administrations – “View the latest distressed UK businesses here.”

If you are looking for an exit, we can help!


Share this article



Latest Businesses for Sale

E-commerce Sales of Jewellery, Lingerie & Sexual Health Products
UK Wide

The company offers the sale of fashion jewellery, lingerie, and sexual health products and toys, pyjamas, gym clothing, beachwear, and PPE. Priding itself on its high-quality products and exceptional customer service, the company offers its produc...

Asking Price: Offers Invited
Turnover: £5,500,000

LEASEHOLD


Luggage and Hamper Gifting Business
UK Wide

A thriving e-commerce business that specialises in both travel luggage and hamper gifting sectors. The business has been trading since January 2012. They have introduced a branded website for affordable gifting to suit all budgets and occasions and a...

Asking Price: Offers Invited
Turnover: £300,000

LEASEHOLD


Commercial Vehicle Dealership
South of England, UK

A commercial vehicle sales business that supplies a range of used commercial vehicles from a number of well-known brands, including Ford, Citroen, Mercedes and Vauxhall. Trading out of a sizable portable premises. Operates from leasehold premises...

Asking Price: £150,000
Turnover: £701,493

LEASEHOLD



View more businesses for sale

News Search

Latest News

 
27
 
Jan
 

Administrators to sell assets as office furniture maker collapses | ADMINISTRATION

Bluespot Furniture, a West Yorkshire-based furniture manufac...

 
26
 
Jan
 

UK M&A down 16 per cent in 2022, but sentiment remains optimistic | BUSINESS NEWS

New analysis from PwC has revealed that UK M&A activity decl...

 
26
 
Jan
 

Private equity-backed law firm targeting further M&A in 2023 | BUSINESS NEWS

Stowe Family Law, a Leeds-headquartered specialist family la...

Free guide: 10 Biggest Buyer Mistakes

Sign up to receive our acquisition alert emails to get your FREE guide

Email


Related News

 
19
 
Oct
 

EG Group’s £750m Asda forecourts acquisition collapses | BUSINESS NEWS

EG Group has announced that its planned £750 million a...

 
21
 
Jul
 

Walmart resumes Asda sale talks | BUSINESS SALE

American grocery giant Walmart has said it has revived talks...

 
17
 
Mar
 

Walmart closing in on Asda sale | BUSINESS SALE

American retail giant Walmart is closing in on a sale of UK ...

Want access to the latest businesses for sale?

Business Sale Report is your complete solution to finding great acquisition opportunities.

Join today to receive:

  • Comprehensive range of businesses for sale
  • Make direct contact with business sellers or their intermediaries
  • Access to all UK administrations, liquidations and winding-up petitions
  • Daily email alerts for the latest businesses for sale & distressed notifications
  • Business Sale Report publication posted to you every month
  • Advertise your acquisition requirements on our "business wanted" section

All this and much more, including the latest M&A news and exclusive resources

Become a Member

News Categories

  • - Business Sale
  • - Division Sale
  • - Administration
  • - MBO/MBI
  • - Merger
  • - Commercial Property

View all news

logo
Our Services Distressed Businesses
  • Businesses for Sale
  • Distressed Companies
  • List a Business
  • Help with Finance
  • Buyer Acquisition Service
  • Small Businesses for Sale
Company Buy a Business
  • About BSR
  • Insights
  • News
  • FAQs
  • Reviews
Get In Touch
020 8875 0200
[email protected]
167 Oakhill Road, London, SW15 2QW
Working hours: Mon-Fri, 9am - 5:30pm
About BSR
Business Sale Report is the UK's leading
independent business for sale & distressed business listing service.
Established in 1995, BSR offers an up-to-the-minute, comprehensive overview of businesses for sale, latest distressed business listings and daily acquisition news.
Subscribe

Subscribe to our newsletter to receive news about the latest businesses for sale.

  • Terms
  • Privacy
  • linkedin
  • facebook
  • twitter
© 1995-2023. Business Sale Report Ltd. All rights reserved. www.business-sale.com.