The Asda-owning billionaire Issa brothers are attempting to beat supermarket rival Morrisons to buy convenience chain McColl's, which has now entered administration, putting more than 16,000 jobs at risk.
EG Group, whose brands include Cooplands, Euro Garages and LEON, are in talks to snap up the convenience store chain, which has appointed PwC as administrators "to protect creditors, preserve the future of the business and to protect the interests of employees".
In a statement issued to the London Stock Exchange, McColl's added it was "regrettably therefore left with no choice" but to file for administration.
