McColl’s shares were down more than four per cent in early trading Tuesday after an attempted cash call came up slightly short.
The convenience store had been looking to raise around £35m-worth of finance to expand its partnership with takeover-target Morrisons.
The firm had hoped an open offer would raise £5m of the figure, but interest topped out at £3m.
The larger part of the raise, a £30m bookbuild, was completed earlier this month.
At the time, CEO Jonathan Miller said the raise would “accelerate” the firm’s strategy.
McColl’s reported a £6.3m loss after tax in the first half of its financial year.
The proposed takeover of Morrisons by US private equity group Clayton, Dubilier & Rice – who upped an existing offer to jump ahead of a rival bid from a Fortress-led consortium – continues to divide opinion.
Politicians are taking a hard look at the deal, with fears around both pension schemes and job protections top of mind.
Markets seem to expect a yet higher bid to emerge for the supermarket, with shares still trading up on news of the CD&R offer.