McColl's Retail Group PLC - Brentwood, Essex-based convenience store chain - the UK Competition & Markets Authority says it is "minded to accept" an offer from Morrisons to sell 28 McColl's stores to address competition concerns in the areas where those stores are located.
"The CMA is now consulting on the proposals – known as undertakings – for the sale of these stores. If the CMA accepts the proposals, the deal would be cleared to proceed," the regulator says.
In July, the CMA said that it was launching an enquiry into Wm Morrison Supermarkets' planned takeover of McColl's. The CMA said it was investigating the completed acquisition of certain assets of McColl’s Retail Group PLC, Martin McColl Ltd, Clark Retail Ltd, Dillons Stores Ltd, Smile Stores Ltd, Charnwait Management Ltd, and Martin Retail Group Ltd. Back in May, McColl's had slid into administration, after the failure of financing talks with lenders.
Current stock price: suspended
By Abby Amoakuh; abbyamoakuh@alliancenews.com
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Mccoll's (MCLS)