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Retail

Britain's McColl's Set For Shares Suspension

Struggling British convenience shop chain McColl's said on Tuesday it is likely to request the listing of its shares be suspended on 1 June as it will not meet a deadline to publish its annual results by the end of May.

The 1,100-store group runs McColl's and Morrisons Daily branded convenience stores as well as Martin's newsagents. It employs about 16,000.

It said the delay reflected the need for a conclusion to talks with key stakeholders around a potential financing solution for the business in order to finalise year to 28 November 2021 audited financial statements.

'Insufficient Time'

'As these discussions remain ongoing, the board has concluded there is now insufficient time in order to meet the current deadline for filing these results under the Listing Rules,' it said.


McColl's warned last month that even if a financing solution is achieved it was likely to result in little or no value being attributed to the group's equity.

The group has a wholesale tie-up with Morrisons, Britain's fourth biggest supermarket chain.

In March of this year, the company announced that its chief executive officer and board member, Jonathan Miller, has stepped down.

Chief operating officer Karen Bird has stepped in as the interim chief executive of the group to manage day-to-day executive responsibilities.

Angus Porter, currently a non-executive chairman of the group, has assumed the role of executive chairman on a temporary basis.

News by Reuters, additional reporting by ESM – your source for the latest retail news. Click subscribe to sign up to ESM: European Supermarket Magazine.

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