RE: Miracle8 May 2022 18:00
In a stock exchange announcement on Friday afternoon, McColl's said its board had "regrettably... [been] left with no choice other than to place the company in administration, appointing PriceWaterhouseCoopers LLP as administrators, in the expectation that they intend to implement a sale of the business to a third-party purchaser as soon as possible".
However, although technically McColl's may have been insolvent at the point that its lenders declined to extend their waiver, PwC's appointment had yet to be rubber-stamped by the court by the time it closed on Friday - potentially leaving a window for a further counterbid from Morrisons.
A source close to the lenders said a further proposal would be properly considered.
Details of Morrisons' revised offer were unclear, although the supermarket group said late last week that there was no basis for McColl's being placed into insolvency proceedings.