Convenience chain McColl’s has confirmed it will collapse into administration, putting 1,100 shop and 16,000 workers at risk.
The troubled retailer held talks with its lenders on Friday morning in the hope they could extend their loan agreements. It's believed the Asda-owning billionaire Issa brothers are attempting to beat supermarket rival Morrisons to buy struggling McColl's.
However, the company confirmed “the lenders made clear that they were not satisfied that such discussions would reach an outcome acceptable to them”. It said the company will now appoint administrators from PwC in an effort to “preserve the future of the business and to protect the interests of employees”.
