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Liverpool Echo
Liverpool Echo
Business
Jon Robinson

Morrisons sees off rival bid from billionaire Asda owner brothers to rescue McColl's

McColl Morrisons Asda EG Group Morrisons Daily Issa McColls Tesco

All 16,000 jobs at McColl's are set to be saved after Morrisons agreed a deal to rescue the collapsed retailer.

The supermarket giant has seen off a rival bid from EG Group, which is owned by the billionaire Issa brothers who bought Asda for £6.8bn. The deal comes after the convenience chain signalled its intension to file for administration on Friday in a move which plunged the future of its 1,100 shops and 16,000 staff 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. The offer from Blackburn-headquartered EG Group, whose brands also include LEON, Cooplands and Euro Garages, included keeping 16,000 jobs and all of McColl's stores open.

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