McColl’s appoints administrators but Asda co-owners expected to agree rescue

Business

McColl’s, the convenience retailer, has appointed administrators but the co-owners of Asda are expected to agree a deal that would rescue the bulk of the company.

Sky’s City editor Mark Kleinman, who had reported earlier on Friday that Morrisons was among interested parties, said the Issa brothers’ EG Group was now waiting in the wings and a deal could be concluded later in the day.

McColl’s said it took the decision to appoint PwC as administrator after its lenders objected to the potential outcome of a sale for them.

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