Following the news that CEO of McColl's Retail Group, Jonathan Miller stepped down, supermarket chain Morrisons has thrown a last-minute lifeline to the troubled company.
An improved offer was made last night and is thought to include taking on McColl's pension commitments and its £170m debt.
The news comes after weeks of Morrisons conversing with McColl's and its creditors as it aims to deliver a rescue deal.
McColl's, which has lost 96% of its value over the last year, is already in a supply partnership with Morrisons.
McColl's raised £30m from shareholders in 2021 to invest in expanding its Morrisons Daily convenience stores, but warned that footfall had been hit by the pandemic.
The 1,100-store McColl's runs convenience stores under its own brand and Morrisons Daily, as well as Martin's newsagents. It employs about 16,000 people, including around 6,000 full-time workers.
Last month, McColl’s reached the strategic milestone of opening its 200th Morrisons Daily store with the conversion of the McColl’s store at Southport.