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
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This practice, which was established in 2008, is available for sale due to the impending retirement of the partners. Offers invited.
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