Convenience shop chain McColl’s said discussions with its lenders collapsed on Friday as creditors refused to extend a deadline for the retailer to find more cash.
The company said in a statement to the London Stock Exchange: “In order to protect creditors, preserve the future of the business and to protect the interests of employees, the board was regrettably therefore left with no choice other than to place the company in administration, appointing PriceWaterhouseCoopers as administrators, in the expectation that they intend to implement a sale of the business to a third-party purchaser as soon as possible.”
McColl’s will apply to the court later today to appoint the administrators.
