REG - McColl's Retail Grp - Administrator appointment and share suspension

Mccoll'S RetailAnnouncement

06/05/2022 13:15

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RNS Number : 6543K  McColl's Retail Group plc  06 May 2022

6 May 2022

McColl's Retail Group plc

Intention to appoint administrators and suspension of trading

McColl's Retail Group plc ("McColl's ", "the Group" or "the Company") today
issues an update on its financing discussions.

Further to the announcement on 3 May 2022, the Company's senior lenders have
this morning declined to further extend the waiver of the Company's banking
covenants, which has now expired. Whilst the constructive discussions with the
Company's key wholesale supplier to find a solution with them to the Company's
funding issues and create a stable platform going forward had made significant
progress, the lenders made clear that they were not satisfied that such
discussions would reach an outcome acceptable to them.

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 LLP as administrators, in the expectation that they
intend to implement a sale of the business to a third-party purchaser as soon
as possible.

Accordingly, the directors of the Company and of each of Martin McColl
Limited, Clark Retail Limited, Dillons Stores Limited, Smile Stores Limited,
Charnwait Management Limited and Martin Retail Group Limited have resolved to
file documents at Court today to appoint Mark James Tobias Banfield, Robert
Nicholas Lewis and Rachael Maria Wilkinson of PwC as Administrators of the
Company and of the named subsidiaries.  That application is expected to be
approved by the Court over the course of the day.

The Group has requested that the listing of its ordinary shares be suspended
with immediate effect.

 

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

 

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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