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McColl's Retail Group PLC - Brentwood, Essex-based convenience store chain - Chief Executive Officer Jonathan Miller steps down immediately, in the wake of a profit warning last month. McColl's says search to appoint a new CEO is in progress and is confident of finding a new CEO "in the near future". In the meantime, Angus Porter moves from non-executive chair to executive chair, while Chief Operating Officer Karen Bird becomes interim CEO. "As we discuss with our stakeholders the transformation of our business to a grocery-led convenience offer, Jonathan and the board have agreed that now is the right time to bring in a new chief executive to lead the business into a new phase," Porter says.
McColl's says it remains in talks with its lenders to find a "longer-term agreement" for the balance of its existing lending facility. Last month, the retailer said revenue in the first quarter was behind expectations, partly due to the Omicron variant of Covid-19 hurting Christmas sales, and the shortfall had absorbed its working capital headroom.
Current stock price: 1.88 pence, down 8.4% on Thursday
12-month change: down 94%
By Tom Waite; thomaslwaite@alliancenews.com
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