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
Indicative offers are required by 12:00hours on Monday 20 January 2020 with a view to completion shortly thereafter. The proposed Joint Administrators are seeking parties interested in the business and assets of a Company that trades as a recruitment...
LEASEHOLD
Offers and proof of funding sought by 17:00hours on Friday 24 January 2020. The Joint Administrators are seeking parties interested in the business and assets of a commercial contractor business based in the Midlands.
Provides highly skilled and professional hospitality staff across a variety of sectors. Recognised as both a preferred and top tier supplier for several of its prestigious clients. Supplying both temporary and permanent Nationwide staffing solutions....
LEASEHOLD
|
17
|
|
Jan
|
Sample book and shade card manufacturer acquired from administration | BUSINESS SALE
The business and assets of Yorkshire-based display products ...
|
16
|
|
Jan
|
Northgate and Redde shareholders approve merger | MERGER
The proposed merger of listed companies Northgate and Redde ...
|
15
|
|
Jan
|
SSE sells retail business to OVO Energy | DIVISION SALE
Power utility SSE has announced it has completed the sale of...
Sign up to receive our acquisition alert emails to get your FREE guide
|
14
|
|
Jan
|
Beales in sales talks to avoid administration | ADMINISTRATION
Department store chain Beales is in talks with two potential...
|
09
|
|
Dec
|
Scunthorpe construction group call in administrators | ADMINISTRATION
Scunthorpe-based Clugston Group and Clugston Construction ha...
|
06
|
|
Dec
|
KPMG agrees to sell pensions arm | DIVISION SALE
Professional services network KPMG has announced that it has...
Business Sale Report is your complete solution to finding great acquisition opportunities.
Join today to receive:
All this and much more, including the latest M&A news and exclusive resources