FUTURE OF MCCOLL’S STORE IN DOUBT AS COMPANY FACES ADMINISTRATION

There are fears for the future of Ryde’s McColl’s convenience store as the national chain sits on the brink of collapse.

It has been reported that it is ‘increasingly likely’ that the firm will go into administration, putting around 16,000 jobs at risk across 1,400 stores nationwide.

McColl’s has been a part of Union Street in Ryde for around 15 years, taking over what was previously Forbuoys.

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Without fresh funding, it is likely that administrators will be appointed. However, Morrisons – which already has a wholesale partnership with McColl’s – is potentially looking at putting a rescue package together. It could mean that the Island sees its first Morrisons Daily store, but there is a long way to go in this fluid situation…

In a statement, a spokesperson for McColl’s has said:

“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.”