Convenience store chain McColl's is on the brink of collapse, according to reports. The retailer said it was "increasingly likely" it would fall into administration unless talks around short-term funding were successful.
It issued a statement on Thursday (May 5) after Sky News reported the company could call administrators in on Friday. The firm also has a partnership with supermarket Morrisons.
It said that without any extra cash, the group would likely "be placed into administration with the objective of achieving a sale of the group to a third-party purchaser and securing the interests of creditors and employees", the BBC reports.
McColl's has stressed that discussions are still continuing. The company is listed on the London Stock Exchange and employs 16,000 people - roughly 6,000 on a full-time equivalent basis.
In February the chain saw shares plunge after it confirmed it was locked in talks with banks to secure cash needed to stop it from collapsing into administration. It revealed that it recently received a full takeover approach from an unnamed suitor but said that this had since been withdrawn.
It also warned that its earnings were set to miss targets for the year.
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