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
This recruitment business is a trusted partner in five lucrative sectors, known for its high client retention rates of 98% and long-standing client relationships spanning over a decade. With a rigorous candidate evaluation process, clients can expect...
The company provides a comprehensive range of commercial cleaning services to suit business requirements, including office cleaning, deep cleaning, carpet and hard floor cleaning, window cleaning, washroom services, end-of-tenancy cleaning, and janit...
This dynamic business delivers flexible and temporary agency catering staff solutions across various sectors, leveraging strong client relationships and an excellent local reputation to drive growth. With a robust SEO strategy and 95% of its 99 activ...
Please choose your settings for this site below. For more information please read our Cookie Policy
These cookies are necessary for our website to function properly and provide you with access to all features.
These are analytics cookies that help us to improve the way our website works.
These are used to improve the functional performance of the website and make it easier for you to use.