Smiths News PLC - Swindon, England-based newspaper and magazine wholesaler - Notes confirmation earlier on Friday that McColl's Retail Group PLC has entered administration. Smiths serves around 600 McColl's stores, posing a GBP6 million to GBP7 million bad debt risk, with GBP1.2 million currently overdue, it notes. Says banking covenants will not affected by the news.
"The company is closely monitoring the current situation and considering options for reducing the current risk, including the return of unsold stock," the firm said.
Current stock price: 30.80 pence, down 14% on Friday afternoon
12-month change: down 27%
By Elizabeth Winter; elizabethwinter@alliancenews.com
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Smiths News (SNWS)
Mccoll's (MCLS)