Unsecured creditors to McColl’s are still owed £45m following the collapse of the convenience chain.
The high street grocer and newsagent, which first launched as a food stall in the late 1800’s, was acquired by Morrisons for £182m with an extra £8m to be handed to unsecured creditors.
Now an administration report seen by The Times shows that money owed to unsecured creditors including landlords has not been paid following the businesses collapse – with each of the parties due to receive dividends worth up to £600,000.
Secured creditors such as lenders have however been paid the full £164.3m owed to them.
Morrisons is currently transforming some 1,000 McColl’s sites into ‘Morrisons Daily’ sites as part of its takeover plans with 400 sites converted so far.
It’s the ‘Big Four’ grocer’s second foray into the local convenience store market having previously launched over 100 smaller sites in 2010.
However, in 2015, Morrisons announced the sale of its 130 M Local shops to Greybull Capital, to be re-branded as My Local, for £25m – which subsequently collapsed in 2016.
City A.M . has contacted Morrisons for a comment.