Competition concerns: Morrisons’ takeover of McColl’s probed by CMA May 30, 2022 The competition watchdog is probing Morrisons’ takeover of beleaguered newsagent operator McColl’s, it has been confirmed. The Competitions and Markets Authority (CMA) said on Monday it had launched an inquiry to investigate whether the takeover will impact competition in the UK, with an initial enforcement order. The two businesses will be instructed to compete as [...]
Morrisons rescue deal for McColl’s totalled £182m May 18, 2022 Grocer Morrisons coughed up some £182m to snap up beleaguered convenience store operator McColl’s, defeating a rival bid from Asda owners the Issa brothers. The newsagent chain’s equity value was worth around £3m earlier this month while senior creditors were owed some £160m, documents from administrators PwC revealed. While the Issa’s EG Group had offered [...]
Morrisons loyalty scheme helps hike sales to £3.7bn June 22, 2023 Morrisons has recorded a 0.9 per cent decline in group revenues, blaming a slowdown in sales across its petrol stations. During the quarter, its total sales excluding its fuel offering rose by 3.1 per cent to £3.7bn, and sales across its wholesale channel were also up 20 per cent. The former ‘Big Four’ grocery, which [...]
McColl’s: Convenience store chain has no clue why share price up 60 per cent April 7, 2022 McColl’s share price surged 61 per cent on Thursday, with the convenience store operator saying it has no idea why. In an update on the London Stock Exchange, McColl’s said it “notes the recent rise in the company’s share price and confirms that it does not know of any reason for this price movement.” The [...]
McColl’s boss steps down after six years at the helm amid rescue talks March 24, 2022 The chief of beleaguered convenience store chain McColl’s has quit as the business faces an existential crisis. The chain has been in talks with lenders over emergency cash, as it hopes to find a buyer to secure its future. After three decades with the chain and six years in leadership, Jonathan Miller has quit the [...]
McColl’s appeals for rescue deal: Administration ‘increasingly likely’ unless solution can be found May 5, 2022 Convenience store giant McColl’s has said it is “increasingly likely” it will be forced to call in administrators unless an immediate rescue deal can be cinched. Responding to press speculation, the London-listed firm said that “unless an alternative solution can be agreed in the short term, it is increasingly likely that the group would be [...]
Morrisons inks £220m sale of warehouses as it aims to become ‘more popular’ December 9, 2022 Morrisons has inked a £220m sale and leaseback transaction of seven logistics properties, as it aims to become “more popular and more accessible.” The supermarket – which is owned by New-York private equity titan Clayton Dubilier & Rice – announced the completion of the deal with asset manager ICG on Friday. Morrisons has undertaken to [...]
McColl’s warns of ‘softer’ trading as newsagent continues rescue talks April 25, 2022 McColl’s has acknowledged “softer trading” as customers hold back on spending while the chain continues to try secure a financial lifeline from partners. Shares tumbled some 50 per cent in early trading on Monday morning, after the retail firm gave an update on its rescue deal talks. In a trading update on Monday, the convenience [...]
Retail woes: 47 shops closed EVERY DAY in 2022 amid warning ‘big hitters’ could fall January 2, 2023 The UK’s retail sector had a bruising year in 2022 as more shops closed their doors than at any other point for at least five years. Around 47 sites shut up shop for the last time every day last year, according to new analysis. The Centre for Retail Research found that 17,145 shops on high [...]
More Consolidation Ahead for Europe’s Consumer Sector? October 10, 2022 Europe’s consumer industry has suffered as a result of the COVID-19 pandemic and has had to adjust quickly to survive. Lockdowns froze physical players and e-commerce provided a lifeline for survival for some. But the easing of restrictions did not necessarily help: consumer behaviours have clearly changed and retail footfall has not recovered to pre-pandemic [...]