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Insider UK
Insider UK
Business
Jon Robinson & Peter A Walker

Morrisons beats Asda owners to rescue McColl's

McColl Morrisons Asda Issa EG Group

Morrisons has confirmed a deal to rescue McColl's and save all 16,000 jobs after the convenience chain officially entered administration and appointed PwC.

The supermarket giant beat a rival bid from the billionaire owners of Asda after the convenience store chain signalled its intension to file for administration on Friday, in a move which plunged the future of its 1,100 shops into doubt.

Final bids were submitted ahead of the 6pm deadline on Sunday by EG Group, the retail giant owned by the Issa brothers and TDR Capital, and Morrisons.

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