Morrisons made the latest bid to snatch McColl’s Retail Group from the clutches of rivals that own Asda, hours before administrators are officially appointed to oversee sales.

Sky News can show that Morrison has submitted an improved offer to McColl’s creditors, which stipulates that they are immediately repaid in full, satisfying their basic claim.

It was unclear on what grounds the latest proposal could be rejected, and whether EG Group, which seemed Friday, could sewn up on one of the UK’s largest convenience networks – will try to prevent it with further own offer.

PricewaterhouseCoopers (PwC) offers were made on Sunday afternoon. McColl’s creditors advisor, tonight was preparing for the final bilateral skirmish between the groom-rivals, and both were asked to submit the best and final bets.

PwC declined to comment.

The McCall’s death quickly turned into a political controversy that encompassed her pension scheme and the fate of 16,000 workers.

On Friday, McColl’s creditors turned down a solvency offer from Morrisons, as a result of which they transferred more than £ 100 million in debt to a supermarket chain but were repaid in full after the loan expired.

Sources told Sky News last week that creditors demanded immediate repayment, prompting them to choose a competing bid from EG Group, a gasoline retail giant that called for immediate repayment of most of their debts, but subject to McCall’s transfer to the administration. .

This weekend, McColl pension trustees entered into a dispute, and a spokesman said: “Any company wishing to acquire McColl’s should do decent things and make sure the promises made to employees regarding their pensions are kept.

“We would be very surprised if any organization interested in demonstrating good corporate citizenship would use the administration to stop supporting the schemes, with absolutely no interaction with trustees.”

In a statement to the stock exchange on Friday afternoon, McColl’s said her advice, “unfortunately … [been] there was no choice but to hand over the company to the administration by appointing PriceWaterhouseCoopers LLP administrators, pending that they intend to sell the business to a third-party buyer as soon as possible. ”

However, although McColl’s could technically be insolvent by the time its creditors refused to extend their waiver, PwC’s appointment had not yet been approved by a court before closing on Friday, which could leave room for an additional counter-bet from Morrison.

A source close to creditors said a further proposal would be duly considered.

Details of Morrison’s revised proposal were unclear, although late last week a group of supermarkets said there was no reason to put McCall into insolvency proceedings.

Morrison promised to keep “the vast majority of jobs and shops safe, as well as the full protection of retirees and creditors.”

Now attention will be paid to the decision taken by creditors, among whom is supported by taxpayers NatWest Group, and Barclays and HSBC are also said to be part of the credit line.

Morrisons, which has a broad wholesale deal to supply McColl’s, and the company’s pension schemes are major retail lenders, although they stand behind the requirements of the senior credit union.

There may also be questions about PwC’s promising dual role as McColl’s creditors advisor and as an administrator if the crisis leads to worse results in terms of job retention and retirement benefits.

It was unclear how many of McCall’s 16,000 employees would keep their jobs according to proposals from competitors from Morrisons and EG Group, although sources close to the situation suggest that some stores will eventually close anyway.

McColl’s is an important partner of Morrisons, which operates hundreds of small stores under the Morrisons Daily brand.

Sky News reported in February that McColl’s was seeks new funding this would allay concerns about his future.

The company, which is listed on the London Stock Exchange, but its shares were suspended on Friday, employs about 6,000 people on an equivalent full-time basis.

He raised £ 30 million from shareholders just eight months ago.

If the administration is confirmed on Monday, it will be the biggest insolvency in the UK retail sector in terms of labor force since the collapse of the Edinburgh Woolen Mill Group in 2020.

Since then, both Debenhams, which employs about 12,000 people, and Sir Philip Green’s Arcadia Group, which has about 13,000 members, have also collapsed, falling victim to changing retail habits and pandemics.

Morrisons and McColl’s declined to comment.

https://news.sky.com/story/morrisons-returns-with-fresh-mccolls-offer-as-endgame-looms-12608537

Previous articlePractical tips on how to detect fish –
Next articleLas Vegas: Drought-stricken Lake Mead found “more human remains”. US News