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
The deadline for offers is 2pm UK time on Thursday 1 July 2021. All interested parties will be required to agree to a Non Disclosure Agreement to receive further information. The opportunity to acquire a centrally-located precision welding and fabric...
LEASEHOLD
Offers a comprehensive range of over 7,000 product designs, standing apart from competitors for the breadth of its offering, its short lead times and its customer-focused services.
FREEHOLD
Operates nationwide and has provided its services internationally. Services 42 active clients with contracts in place. Scope to develop a training environment to recruit and train new engineers.
RELOCATABLE
|
18
|
|
Jun
|
Hull transport business bought out of administration | BUSINESS SALE
Transport operator Clugston Distribution Services has bought...
|
18
|
|
Jun
|
Kingswood Holdings make £4m acquisition and targets extensive pipeline of deals | BUSINESS SALE
UK-based wealth management firm Kingswood Holdings has struc...
|
17
|
|
Jun
|
Four Communications acquires creative agency in ninth BGF-backed takeover | BUSINESS SALE
Marketing services firm Four Communications Group has acquir...
Sign up to receive our acquisition alert emails to get your FREE guide
|
10
|
|
Mar
|
£32m turnover Angus Steakhouse appeals to landlords with administration looming | ADMINISTRATION
London’s popular Angus Steakhouse chain has appealed t...
|
21
|
|
Jan
|
ProCook considering sale as it undertakes strategic review | BUSINESS NEWS
Kitchenware retailer ProCook is to undertake a strategic rev...
|
09
|
|
Dec
|
Administrators seek buyer for garden machinery firm | ADMINISTRATION
Shropshire-based garden machinery company Oakley’s 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