Morrisons makes last minute bid to save McColl’s

Morrisons makes last minute bid to save McColl’s

Supermarket giant Morrisons has proposed a last-minute rescue deal for McColl’s, the convenience store chain which is on the brink of collapse.

McColl’s has warned that unless it secured more funding, administration was increasingly likely. A deal with Morrisons would potentially secure 16,000 jobs at the embattled retail chain.

Morrisons is in a partnership with McColl’s with more than 200 Morrisons Daily convenience stores.

The improved offer, made on Thursday evening, is thought to include taking on McColl’s pension commitments and its £170m debt.

Morrisons has been talking to McColl’s and creditors for weeks as it aims to thrash out a rescue deal.

McColl’s is running out of cash, and needs an injection of funds to stay afloat.