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Retail

McColl's Confirms It Is Seeking A Potential Capital Raise

UK convenience firm McColl's Retail Group has confirmed that it is currently 'exploring options' relating to a potential capital raise, following reports at the weekend.

According to a Sky News report on Sunday, McColl's Retail group has already approached investors with the aim of raising around £30 million.

Morrisons Daily Store Conversions

Responding to these reports, the group said in a statement that the potential capital raise would be used to increase the number of Morrisons Daily store conversions, to accelerate the pace of roll-out of said conversions, and also to strengthen its balance sheet.

It added however that 'final decisions have been made on whether to proceed with a capital raise or with regards to the timing or size of any such capital raise'.

It said that it plans to make a further announcement if and when it deems appropriate.

McColl's operates around 1,200 convenience stores across the UK, mainly under the McColl's and Morrisons Daily banners, as well as the Martin's newsagents brand. In Scotland, the group trades under the name RS McColl.

Full-Year Sales Performance

In March, the group reported full-year revenue of £1.26 billion (€1.48 billion), a 3.2% increase on the previous year, as shoppers flocked to its stores during the pandemic.

Like-for-like sales were up 12.0% last year, "driven by the positioning of our stores in key neighbourhood locations and our strong customer offer," CEO Jonathan Miller commented at the time.

© 2021 European Supermarket Magazine. Article by Stephen Wynne-Jones. For more Retail news, click here. Click subscribe to sign up to ESM: European Supermarket Magazine.

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