REG - Smiths News PLC - McColl's Retail Group Administration

Smiths NewsAnnouncement

06/05/2022 14:45

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RNS Number : 6621K  Smiths News PLC  06 May 2022

This document contains inside information

 

Smiths News plc

("the Company")

 

McColl's Retail Group Administration

 

 

The Company notes confirmation by McColl's Retail Group PLC ("McColl's) today
that it has entered administration.

 

Smiths News serves approximately 600 McColl's stores.  At this time, McColl's
represents a bad debt risk to the Company of £6-7m, with £1.2m being
overdue.  The Company confirms that its banking covenants will not be
impacted by this news.

 

The Company is closely monitoring the current situation and considering
options for reducing the current risk, including the return of unsold stock.

 

A further update will be provided in due course.

 

 

 

Enquiries:

 

 Smiths News PLC

 Jonathan Bunting, Chief Executive Officer                         Via Buchanan

 Paul Baker, Chief Financial Officer
 www.smithsnews.co.uk

 Buchanan

 Richard Oldworth / Jamie Hooper / Toto Berger                     020 7466 5000

 smithsnews (mailto:smithsnews@buchanan.uk.com) @buchanan.uk.com
 (mailto:smithsnews@buchanan.uk.com)

 www.buchanan.uk.com (http://www.buchanan.uk.com)

 

About Smiths News PLC

 

Smiths News PLC and its core business, Smiths News, is the UK's largest
newspaper and magazine wholesaler, with an approximate 55 per cent. market
share. It distributes newspapers and magazines on behalf of the major national
and regional publishers, delivering to approximately 24,000 customers across
England and Wales on a daily basis. The speed of turnaround and the density of
Smiths News' coverage is critical to one of the world's fastest physical
supply chains.

 

Ancillary businesses include: Dawson Media Direct (DMD) which supplies
airlines and travel points in the UK; and Instore, which offers field
marketing services to retailers and suppliers across the UK.

 

Person responsible for arranging release of this announcement:

Stuart Marriner, General Counsel & Company Secretary

Smiths News plc

Rowan House

Cherry Orchard North

Kembrey Park

Swindon

SN2 8UH

email: cosec@smithsnews.co.uk

LEI: 2138004O33ONVOOQXB02

 

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