13th Jul 2022 11:43
(Alliance News) - The UK Competition & Markets Authority on Wednesday said that it is launching an enquiry into Wm Morrison Supermarkets' planned takeover of convenience store-chain McColl's Retail Group PLC.
Back in May, McColl's had slid into administration, after the failure of financing talks with lenders.
Subsequently, Morrisons' proposed a rescue deal to prevent the convenience store-chain falling into insolvency. The Bradford-based grocer chain said it would protect McColl's 1,100 shops and 16,000 employees entirely.
McColl's is already partnered with Morrisons; it operates around 200 Morrisons Daily stores, smaller format sites belonging to the grocer chain.
On Wednesday, UK competition regulator CMA launched a merger enquiry into the acquisition, which has a deadline of September 8 for its phase one decision.
The CMA said it "invites comments on the transaction from any interested party."
Shares in McColl's were suspended at 1.80 pence each in London back in May.
By Sophie Rose; [email protected]
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