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
  • List your Business
  • Seller Accounts
  • Need Help Selling?
  • Help With Finance New
  • Corporate Services  New
  • Business Valuation
  • Business Wanted Adverts
Insights & News
  • View All News
  • View All Insights
  • Exclusive Insights New
Lens
  • Search all UK Companies  New
Log in
Join Now

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 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

European Supermarket
scunthorpe, Lincolnshire, North East, UK

An opportunity has arisen to acquire a European supermarket situated in a parade, excellent main road trading position, residential, office, and commercial area.

Asking Price: £200,000
Turnover: £1,300,000

LEASEHOLD


E-Commerce Garden Product Retailer
UK Wide

Turnover of £17.75m with EBITDA of £1.9m. Gross margin in FY21 and FY22 consistently at over 20%. Has strong relationships with premium brands who are responsible shipping to the UK, insulting the company from the costs.

Asking Price: Offers Invited
Turnover: £17,750,000

Provider of a Range of Luxury Spa Items
North of England, UK

Supplies a variety of bathroom and spa items, including showers, whirlpool baths and saunas. The majority of these have been designed by the company. Sells a wealth of own-brand products, all manufactured in accordance with CE mark regulations. Cater...

Asking Price: Offers Invited
Turnover: £2,190,000

LEASEHOLD



View more businesses for sale

News Search

Latest News

 
27
 
May
 

Fragrances retailer Bodycare exploring potential sale amid high street decline | BUSINESS SALE

High street fragrances retailer Bodycare has reportedly enga...

 
26
 
May
 

DCJ Group targeting more acquisitions after SM Commercial takeover | BUSINESS SALE

Insurance and risk management firm DCJ Group, a part of Glob...

 
25
 
May
 

Can pre-pack administrations still play a central part in restructuring UK businesses? | BUSINESS NEWS

Despite proving a popular option when it comes to business r...

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


About Us

Business Sale Report is the UK's leading independent business for sale & distressed business listing service. Established in 1995, the report offers an up-to-the-minute, comprehensive overview of businesses for sale, latest distressed business listings and daily acquisition news.

Our Services

Businesses for Sale
Distressed Companies
List a Business
Help with Finance
Buyer Acquisition Service
Small Businesses for Sale

Company

About Us
Insights
News
FAQs
Reviews
Terms & Conditions
Privacy Policy

Get In Touch

020 8875 0200
[email protected]
167 Oakhill Road, London, SW15 2QW
Working hours: Mon-Fri, 9am - 5:30pm


Sign up to our free newsletter



© 1995-2022. Business Sale Report Ltd. All rights reserved. www.business-sale.com.