Morrisons confirms McColl’s rescue deal with thousands of jobs saved May 9, 2022 Morrisons has confirmed it will save McColl’s from collapse, after an agreement with its administrator. Thousands of jobs were left hanging in the balance as McColl’s teetered on the brink of collapse last week. However, now grocer Morrisons has confirmed it will snap up the convenience store operator through a pre-pack administration. The Clayton, Dubilier [...]
Morrisons fends off Issa brothers’ EG Group in battle for McColl’s May 9, 2022 Morrisons has emerged victorious against EG Group in gaining control over McColl’s Retail Group, it has been reported. The supermarket giant had upped its offer to snap up the beleaguered newsagent operator after a last minute battle with the Issa brothers’ EG Group. According to Sky News, the chain beat down its competition after making [...]
Morrisons ups offer to bail out McColls in bid to claw chain back from Asda owning rivals May 8, 2022 Morrisons has put forward a last-minute offer to bail out McColls in a bid to claw it out the hands of its Asda owning rivals. Bradford headquartered supermarket chain Morrisons has improved its offer to buy McColls by vowing to pay its lenders immediately in full, Sky News first reported today. The improved offer comes [...]
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 [...]
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 [...]
Supermarket sales slow over Easter as Brits start to cut back on grocery purchases May 4, 2022 Supermarket sales slowed last month as spending habits returned to normal after pandemic restrictions. Households are tightening their purse strings after the first tranche of higher bills hit budgets this spring while spending habits are also normalising after the easing of lockdown restrictions. Shoppers added slightly fewer items to their baskets over the last four [...]
City Moves: Who’s switching jobs in the Square Mile? May 4, 2022 City A.M.’s Millie Turner provides a roundup of the most important hires and job moves across the City, every morning. Email citymoves@cityam.com to be featured. Volterra Fietta Law firm Volterra Fietta has hired a new partner in London, who previously represented Egypt in a case related to Al Jazeera. Gunjan Sharma, who stepped into the role at the beginning of the month, [...]
Tesco, Sainsbury’s and Greggs join forces to lobby Sunak to slash business rates May 3, 2022 Supermarket giants have reiterated calls for a cut in business rates as firms endeavour to keep prices competitive for shoppers amid rising inflation. Big names including Morrisons and Co-op have come together under a new Cut the Shops Tax campaign, organised by the Retail Jobs Alliance. In a joint letter to Chancellor Rishi Sunak, bosses [...]
CMA to allow Morrisons owner to sell 87 petrol stations to complete £7bn deal May 3, 2022 The UK’s competition watchdog has said it is poised to give a green light to the owner of Morrisons over selling dozens of petrol stations. The Competition and Markets Authority (CMA) has been probing Clayton, Dubilier & Rice’s £7bn takeover of the supermarket and previously raised competition concerns. The New York private equity firm also [...]
City Moves: Who’s switching jobs in the Square Mile? April 28, 2022 City A.M.’s Millie Turner provides a roundup of the most important hires and job moves across the City, every morning. Email citymoves@cityam.com to be featured. Paysafe Specialised payments platform Paysafe has appointed crypto executive into the newly created role of senior vice president of its crypto division. Elbruz Yılmaz will be tasked with further extending the New York-listed group’s crypto offering, having spent [...]