Jobs at risk as convenience store chain on brink of collapse

Dozens of jobs could be at risk in Norfolk after convenience store chain McColl's announced it could fall into administration.

The group said it was "increasingly likely" it would fall into administration unless talks around short-term funding were successful, according to Sky News.

The retailer has more than 12 outlets across the county, in places including Norwich, North Walsham and Great Yarmouth.

McColls had been in discussions with potential lenders to shore up the business, which struggled badly during the pandemic due to supply chain issues, inflation and a heavy debt burden.

Shares in the company had already plunged as it reported last month that talks with its lenders and banks would likely leave shareholders empty-handed under rescue efforts.

But the chain also confirmed that discussions were still ongoing.

The group, which runs more than 1,100 convenience shops and has a partnership with Morrison's, said: “The company confirms it will not be in a position to publish its annual report for the year ended 28 November 2021 by the end of May 2022, as originally intended.

“The delay reflects the need for a conclusion to discussions with key stakeholders around a potential financing solution for the business, in order to finalise the company’s 2021 audited financial statements.

“As these discussions remain ongoing, the board has concluded there is now insufficient time in order to meet the current deadline for filing these results under the Listing Rules.”