MORRISONS AGREE LAST MINUTE RESCUE DEAL FOR MCCOLL’S

Chain Will Go Into Insolvency But Deal Agreed

by For Fleet's Sake
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MCCOLL’S FUTURE LOOKS BRIGHTER AFTER A LONG BATTLE

There has been ongoing speculation that McColl’s might close its branch in Fleet Road, as well as all the rest of its stores, after it went into administration recently.

The group was previously in talks with Morrisons, who already provided grocery products to the smaller chain. This however fell through when it was understood there were objections to the deal from McColl’s lenders. In later news, the EG group, who is owned by the same people that own Asda, also stepped up in a last minute deal that gave hope to the struggling stores.

Now the tables have turned once again, with a last minute announcement that Morrisons is once again the favourite to buy the chain. The new deal will see Morrisons purchase McColl’s but only after it has entered insolvency, this is said to be due to the fast pace of the deal with no time left to finalise a solvent transaction.

Below: McColl’s pictured in December 2021.

 
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The deal with Morrisons will mean that all 1100 stores and all 16,000 staff members will be retained, meaning that Fleet – and other towns – get to keep their local branches.

Great news for McColl’s…and Fleet!

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