My Local convenience store chain heads towards administration

Wed, 22 Jun 2016 | ADMINISTRATION

Convenience store chain My Local faces being pushed into administration by its owner Greybull Capital, which bought the retailer last year, reports Sky News.

It is thought that the company's 1,650-strong workforce were informed at a briefing on Tuesday 21 June, after months of difficult trading at My Local branches. It is anticipated that the company will go into administration in the coming weeks.

Greybull, which bought My Local's 140 stores from Morrisons for £25 million in September last year, has filed a notice of intention to bring in administrators, which will give it protection from creditors for 10 days.

Joanne McGuinness, the national officer for the Usdaw union, is working to save jobs for the staff. She said: "My Local staff are devastated by the news that the company is going into administration. Having been sold by Morrisons last year, there was a mood of optimism that the new owners could turn around the business.

"We are talking with the company in a bid to save jobs and get the best deal for staff. In the meantime, Usdaw is providing the support, advice and representation they need at this unsettling time."

It is expected that KPMG administrators will take charge, and try to sell the business as a whole, or if unsuccessful, in smaller bundles.

Full list of retailers in administration


Share this article



Latest Businesses for Sale

Provider of Fabrication Services
North East, UK

Provides a range of fabrication services, manufacturing specialist components for a diverse client base. Each process is overseen by the business, including design, project management and installation. Offered for sale to facilitate growth under the...

Asking Price: Offers Invited
Turnover: £3,100,000

LEASEHOLD


Refrigeration Solutions Company (Fast Sale)
North of England, UK Wide

Indicative offers are required by close of business Friday 3rd April. The Business is able to produce cost effective robust solutions to companies predominately within the food and drink industry. Established refrigeration solution business. Strong y...

Asking Price: Offers Invited
Turnover: £300k - £1m

Educational Workshop Machinery Design, Supply & Installation
UK Wide

The business is a very well-established supplier to into the Education Sector, with additional links to The Prison Service, Hospitals, Theatres and Care Homes, all providing excellent opportunities for growth. Offers invited.

Asking Price: Offers Invited
Turnover: £1,600,000

LEASEHOLD



View more businesses for sale

News Search

Latest News

 
27
 
Mar
 

Addison Lee acquired by consortium of investors | BUSINESS SALE

Addison Lee Group, London’s biggest private care hire ...

 
26
 
Mar
 

Leicestershire building products firm enters administration | ADMINISTRATION

Leicestershire-based System Building Products Limited has en...

 
25
 
Mar
 

Kaupthing plans sale of Oasis and Warehouse | BUSINESS SALE

Icelandic-owned UK women’s fashion retailers Oasis and...

Free guide: 10 Biggest Buyer Mistakes

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

Email


Related News

 
19
 
Mar
 

North East contractor enters administration | ADMINISTRATION

Newcastle-headquartered general building contractor P F Burr...

 
06
 
Mar
 

Major fashion label enters administration | ADMINISTRATION

East-London-based fashion label House of Holland has appoint...

 
04
 
Feb
 

Historic East Cumbria newspaper looking for buyer | ADMINISTRATION

The Cumberland & Westmoreland Herald, a 160-year-old East Cu...

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