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RNS Number : 8331F McColl's Retail Group plc 24 March 2022
24 March 2022
McColl's Retail Group plc
Directorate change
McColl's Retail Group plc ("McColl's" or the "Group") today announces that
Jonathan Miller has stepped down from his role as Chief Executive and from the
Board.
The search to appoint a new CEO is in progress and the Board is confident of
concluding that search successfully in the near future.
Pending the appointment of a new CEO, Angus Porter, currently Non-Executive
Chairman of the Group, has assumed the role of Executive Chairman on a
temporary basis. Karen Bird, Chief Operating Officer, has become Interim Chief
Executive of the Group to manage day-to-day executive responsibilities. Giles
David, Chief Financial Officer, will also assume additional responsibilities.
The Group remains in ongoing dialogue with its lenders towards a longer-term
agreement in relation to the balance of its existing facility and continues to
believe that a financing solution will be found that involves its existing
partners and stakeholders. As previously announced, a further update will be
made as and when these discussions conclude.
Angus Porter, Executive Chairman, said: "On behalf of the Board, I want to
take this opportunity to thank Jonathan for the immense contribution he has
made to McColl's and to pay tribute to his commitment in leading the business
over the course of more than 30 years. We wish him all the very best in the
future.
"As we discuss with our stakeholders the transformation of our business to a
grocery-led convenience offer, Jonathan and the Board have agreed that now is
the right time to bring in a new Chief Executive to lead the business into a
new phase. In the meantime, we have a strong management team in place to take
the business forward, and we are confident in our strategy to capitalise on
the opportunity in the convenience sector in the years ahead."
Jonathan Miller said: "It has been an enormous privilege to work for McColl's
for the last 30 years, most recently leading the business and transforming our
offer in partnership with Morrisons. I have worked alongside so many
talented and hardworking people and I am enormously grateful for the support I
have had from the many thousands of colleagues in the business over many
years.
"I remain a significant shareholder, and I leave confident that, with its
clearly defined, convenience-led strategy and strong partnership with
Morrisons, McColl's will continue to play a vital role at the heart of local
communities across the UK."
This announcement is issued in accordance with Listing Rule 9.6.11.
Enquiries
Analyst & Investors: Tej Randhawa, McColl's +44 (0)1277 372916
Media: Ed Young, Headland +44 (0)203 805 4822
Rob Walker, Headland mccolls@headlandconsultancy.com
Charlie Twigg, Headland
Notes
Leaving arrangements
Details of Jonathan's remuneration arrangements in respect of his departure
will be published as soon as practicable.
About McColl's Retail Group
McColl's is a leading neighbourhood retailer, with an estate of over 1,100
managed convenience stores and newsagents. We operate McColl's and Morrisons
Daily branded convenience stores as well as newsagents branded Martin's across
the UK, except in Scotland where we operate under our heritage brand, RS
McColl.
This announcement contains inside information for the purposes of Article 7 of
the Market Abuse
Regulation (EU) No 596/2014.
LEI: 213800R1TLR536P8YJ67
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