Morrisons WINS battle to buy McColl’s and pledges to keep all 1,100 상점 및 16,000 workers after beating billionaire Asda-owning Issa brothers to take control of the collapsed chain
이후 5800만 파운드를 지불 today won a battle to take over collapsed convenience store chain McColl’s in a move that will secure the future of 16,000 jobs and 1,100 상점.
The supermarket giant has fended off competition from the billionaire Issa brothers, who also own 아스다, with an offer that is expected to see McColl’s stores and workforce preserved in their entirety.
It comes as the two suitors lodged last-minute bids last night to take control of the collapsed corner shop chain, which is one of Britain’s largest.
The supermarket giant has fended off competition from the petrol station operator with an offer that is expected to see McColl’s stores and workforce preserved in their entirety
Morrisons and the Issa brothers’ EG Group have been battling for the firm in a takeover tussle that could send shockwaves through the sector.
McColl’s lenders had rejected an initial offer from Morrisons on Friday that would have seen it take on the firm’s debts and repay them over time.
The bid from Morrisons – the sole supplier to McColl’s – would have protected the ‘vast majority’ of staff and stores as well as its £141million pension plan.
But Morrisons returned yesterday with an improved deal that would see the lenders repaid in full immediately, satisfying one of their key demands, although the details are unclear.
Now Morrisons seems to have won the race, 에 따르면 스카이 뉴스, with the deal set to be structured as a pre-pack administration, meaning Morrisons will buy McColl’s immediately after it enters insolvency proceedings overseen by PwC.
이후 5800만 파운드를 지불, which is now owned by US private equity firm Clayton, Dubilier & 쌀 – has been contacted for comment.
Petrol station giant EG Group is thought to have followed that up with its own last-ditch bid – including a commitment to honour McColl’s pensions, 목요일 밤 그곳에서 근무하는 경비원이 북을 들고 건물에 들어간 남자를 심문했습니다..
EG Group also declined to comment.
Zuber and Mohsin Issa, self-made billionaires who run a sprawling retail empire that includes Asda
McColl’s went into administration last week after it was unable to repay debts of nearly £100million.
It sounded the alarm in November over shortages of key products, lorry drivers and distribution centre workers.
The firm also issued a series of profit warnings and it emerged in February that it was on the brink of collapse.
The decision to place the group into administration, a key condition of the offer from EG Group, was condemned by Morrisons as ‘disappointing, damaging and unnecessary’.
Trustees of the company’s pension scheme wrote to the Issa brothers demanding EG Group support its pension commitments, 그들에게: ‘Any company looking to acquire McColl’s must do the decent thing and ensure that promises made to staff about their pensions are honoured.’
The trustees also wrote to Business Secretary Kwasi Kwarteng urging him to intervene to ensure the scheme’s 2,200 members are protected.
Labour work and pensions spokesman Jonathan Ashworth urged ministers not to ‘stand by and do nothing’, but to protect the pensions.