McColl’s shares topple by a third after supply chain nightmare hits profit forecast November 17, 2021 Convenience store chain McColl’s saw shares plummet by a third after it warned annual profits would be impacted by supply chain chaos. The firm blamed a lack of HGV drivers for a lack of supply of key items in the final quarter of its financial year. It said its EBITDA for the 2021 financial year [...]
The City View Daily Podcast: Inflation, David Cameron and Arbuthnot Latham November 17, 2021 Welcome to City A.M.’s daily news podcast, The City View, live from the newsroom. Editor Andy Silvester whistles through the big news in the Square Mile today – including the latest on David Cameron’s faltering business career and a day to forget for McColl’s. But the big news of the day is inflation – which [...]
Convenience chain McColl’s battles administration fears February 26, 2022 Convenience store chain McColl’s Retail Group is gearing up to find a buyer as the struggling company nears collapse. As first reported by Mark Kleinman for Sky News, the group have called in advisers to help find a bidder, and are exploring third party options, who may be willing to invest further capital. McColl’s trades from [...]
EG Group swoops in to save collapsing convenience chain McColl’s as thousands of jobs remain at risk May 6, 2022 McColl’s had been placed under administration of accounting and consulting firm PriceWaterhouseCoopers, after failing to get the short-term funding to stay afloat. In an announcement this afternoon, the company said: “In order to protect creditors, preserve the future of the business and to protect the interests of employees, the Board was regrettably therefore left with no [...]
Issa brothers’ EG Group sees fuel gross profit margins reduce slightly after war in Ukraine May 24, 2022 The Issa brothers’ EG Group has seen its fuel division’s gross profit margins slim slightly after Russia’s invasion of Ukraine. Across the firm’s fuel arm, gross profit hit $481m in the three months to 31 March, a 16 per cent increase compared to the first quarter of 2021. However, its gross profit margins were slightly [...]
Exclusive: Rotageek’s CEO on ‘the silver bullet’ for the future of flexible working June 28, 2022 The early 2020s have been difficult for business leaders and employers. Not only have they needed to cope and adjust to unpredictable levels of customer demand, but they’ve also needed to to keep their teams going through the harsh uncertainties of lockdowns, pingdemics and furloughs. These curveballs have forced businesses to accelerate the need to [...]
Wholesale group Supreme bets revenues on vaping amid lockdown growth July 20, 2021 Wholesale provider Supreme, the company behind 88Vape, has seen its revenue for the smoking alternative alone lift 36 per cent as lockdown smokers tried to kick the habit. The company’s total preliminary revenue was up 33 per cent at £122.3m in the year to 31 March, up from £92.3m in the year prior. Gross profits [...]
McColl’s fails to return to to profit despite bumper convenience store sales during pandemic March 23, 2021 McColl’s reported a jump in revenue last year as the convenience store chain benefitted from a surge in demand for local stores during the pandemic, but failed to return to profit. Total revenue for the year was up 3.2 per cent to £1.26bn, with its store closure programme partly offsetting the surge in sales. Like-for-like [...]
300 McColl’s convenience stores to be converted into Morrisons Daily’s March 1, 2021 300 McColl’s convenience stores are set to be converted into Morissons Daily’s over the next three years, as the companies’ said this morning they have extended their wholesale supply partnership. The upcoming rollout follows over 30 conversions in recent months, with all stores continuing to be owned and operated by McColl’s. Offering the Morrisons [...]
Demand for vaping and vitamins sees Supreme revenues soar May 4, 2021 Manchester-based importer and manufacturer Supreme expects revenues to jump to £121m in the full year to March amid demand for its vaping and sports nutrition products. The Aim-listed company distributes to major discount retailers, grocers and wholesalers in a number of categories including vaping, nutrition, lighting, household and vitamins. Supreme began trading in London in [...]