One of Britain’s largest convenience store chains is nearing the brink of collapse, with thousands of jobs said to be at risk.
McColl’s – which employs more than 16,000 people, and has several stores throughout Greater Manchester and the North West – said it was “increasingly likely” that it would fall into administration unless talks around a rescue deal were successful, Sky News reports.
The 1,400-store McColl’s Group – which has an extensive wholesale partnership with Morrisons, as well as Martin’s newsagents – has always had strategy centred around an image of a “neighbourhood retailer”, but after suffering unprecedented difficulties throughout and post the COVID-19 pandemic, has issued a statement saying administrators could be called in today.
The company said in its statement that without any fresh funding in the short-term, the group would likely “be placed into administration with the objective of achieving a sale of the group to a third-party purchaser and securing the interests of creditors and employees”.
The chain added that it wanted to create a “stable platform for the business going forward”, but also stressed that discussions were still ongoing.
McColl’s said it was “increasingly likely” that would fall into administration / Credit: McColl’s
McColl’s said in a statement to Sky News: “As previously disclosed on 25 April 2022, the Group remains in discussions regarding potential financing solutions for the business to resolve short term funding issues and create a stable platform for the business going forward.
“However, whilst no decision has yet been made, McColl’s confirms that unless an alternative solution can be agreed in the short term, it is increasingly likely that the Group would be placed into administration with the objective of achieving a sale of the Group to a third-party purchaser and securing the interests of creditors and employees.
“Even if a successful outcome is achieved, it is likely to result in little or no value being attributed to the Group’s ordinary shares.”
According to Sky News, the company’s imminent collapse is expected to spark renewed interest in a partial takeover from both Morrison’s and EG Group – the petrol retailing giant owned by TDR Capital and the billionaire Blackburn-based brothers, Mohsin and Zuber Issa.
McColl’s employs more than 16,000 people at 1,400 stores across the UK / Credit: McColl’s
News that the McColl’s is teetering on the brink of collapse this week comes after it was revealed that the group’s shares have collapsed this year, and the entire company is now worth less than £3.5 million, with the company said to be carrying debts of almost £170 million.
Jonathan Miller, McColl’s recently-departed chief executive, said in December 2021 that the financial year had “undoubtedly been a tough year for the business”.
Mr Miller is understood to have personally invested £3 million last year in a bid to convince other shareholders to support the company.
If McColl’s is forced into administration this week, it would be the largest insolvency in the UK retail sector by size of workforce since the collapse of Edinburgh Woollen Mill Group in 2020, Sky News said.
It would become the latest in a long line of casualties of changing retail shopping habits and the pandemic.
Featured Image – McColl’s
News
‘Dazzling’ Victorian silver sculpture goes on public display in Greater Manchester after fears it was lost
Emily Sergeant
A long-lost masterpiece of Victorian silverwork has been saved and is now on display to the public in Greater Manchester.
Anyone taking a trip over to the National Trust’s historic Dunham Massey property, on the border of Greater Manchester into Cheshire, this summer will get to see the ‘dazzling’ sculpture called Stags in Bradgate Park – which was commissioned by a former owner in a defiant gesture to the society that shunned him.
The dramatic sculpture of two rutting Red Deer stags, commissioned in 1855 by George Harry Grey, 7th Earl of Stamford, was said to be an ‘act of love and rebellion’.
It also serves as a symbol of ‘locking horns’ with the society that ostracised him over his marriage to a woman considered ‘beneath him’.
“This isn’t just silver – it’s a story,” says James Rothwell, who is the National Trust‘s curator for decorative arts.
“A story of a man who fell in love with a woman that society deemed unworthy. When the Earl married Catherine Cox, whose colourful past was said to have included performing in a circus, Victorian high society was scandalised. Even Queen Victoria shunned the couple at the opera and local gentry at the horse races in Cheshire turned their backs on them.”
Modelled by Alfred Brown and crafted by royal goldsmiths Hunt & Roskell, Stags in Bradgate Park is a meticulously-detailed depiction of nature, and was considered a ‘sensation’ in its day.
Showing the rutting deer positioned on a rocky outcrop with gnarled hollow oaks, it graced the pages of the Illustrated London News, was exhibited at the London International Exhibition of 1862, and at the Paris Exposition Universelle of 1867 – both of which were events that drew millions of visitors.
A ‘dazzling’ Victorian silver sculpture has gone on public display in Greater Manchester / Credit: Joe Wainwright | James Dobson (via Supplied)
The silver centrepiece was the celebrity art of its time, paraded through streets and admired by the public like no other.
Gradually over the years, some of the Earl of Stamford’s silver collection has been re-acquired for Dunham Massey, and this particular world-renowned sculpture, thought to be lost for decades and feared to have been melted down, has miraculously survived with its ‘dramatic’ central component being all that is left.
“The sculpture is not only a technical marvel, with its lifelike depiction of Bradgate Park’s rugged landscape and wildlife, but also a dramatic human story key to the history of Dunham Massey,” added Emma Campagnaro, who is the Property Curator at Dunham Massey.
“It speaks of nature, of craftsmanship, and of a couple who chose each other over status and what others thought of them.”
The sculpture has now gone on display at Dunham Massey from Thursday 26 June.
Featured Image – James Dobson (via Supplied)
News
Lewis Capaldi announces MASSIVE comeback gig in Manchester this year
Thomas Melia
Everyone’s favourite Scottish ballad-maker, Lewis Capaldi, is heading out on tour across the UK, including a massive Manchester date.
Scottish singer-songwriter Lewis Capaldi is ready to tug at our heartstrings again right in front of our eyes as he announces a new UK arena tour.
This huge announcement comes right after his surprise set at the UK’s biggest music event of the year, Glastonbury, where he made a heroic return to the Pyramid Stage just two years after being forced to pull out.
Capaldi is known for writing some of the most notable and emotive hits of the late 2010s and early 2020s, including a long list of anthems such as ‘Someone You Loved’, ‘Bruises’ and ‘Before You Go’.
His monster of a hit ‘Someone You Loved’ has surpassed 3.9 billion views and is the UK’s most-streamed song of all time, so it is safe to say that his presence has been well and truly missed.
To many fans’ delight, the singer has stepped back into the spotlight and is ready to sing his heart out live at a variety of arenas across the UK, including Co-op Live right here in Manchester.
Now, in a post on his official Instagram account announcing this upcoming UK and Ireland arena tour, it’s good to see the Scottish powerhouse hasn’t lost his wit and charm as he jokes, “About time I got back to work.”
These shows are set to be in high demand as the singer has also revealed these upcoming dates, “Will be my only shows in the UK, Ireland or Europe this year! Would love to see ya there.”
On the back of his glorious Glasto return, Capaldi has dropped a huge heart-wrencher titled ‘Survive’ which offers more insight into the struggles and challenges the singer has been facing.
There is no confirmation of whether this new single marks the launch of a bigger project or not, but we can’t wait to scream his hits at the top of our lungs, regardless of when he pays Manchester a visit later this year.
Emily Sergeant -
6th May 2022 
