Convenience store chain McColl's is in emergency talks for new funding, amid fears it could collapse without it, according to reports. McColl's, which has more than 1,300 stores in the UK, is understood to be working with advisors to find a buyer to help the business stay afloat.
Around 200 of its stores trade under the Morrisons Daily brand – with the supermarket said to be keeping a close eye on its rescue talks, reports The Mirror. According to a Sky News report, the retailer has a matter of weeks to secure new funding, with millions of pounds of its bank debt being sold to hedge funds.
EG Group, the petrol stations giant controlled by Asda owners Mohsin and Zuber Issa and the private equity firm TDR Capital, is said to have held discussions about making an offer for McColl's but decided against doing so last week.
