Supermarket giant Morrisons has reportedly saved convenience store chain McColl’s from collapse.
According to reports from Sky News, the last-ditch deal will mean Morrisons fended off a last-minute bid by the billionaire Issa brothers, who also own Asda, to buy McColl’s immediately after it enters insolvency proceedings.
It is reported that the deal will secure all 16,000 workers at its 1,100 stores, as well as honouring all of its outstanding pension obligations.
McColl’s has three stores across South Cumbria, at Ruskin Avenue in Dalton, Central Drive in Ulverston and The Square in Milnthorpe, as well as at Market Street in Kirkby Stephen.
Last week McColl’s announced its intention to appoint administrators and suspend trading.
A statement from McColl’s said: "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."
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