Wed, 22 Jun 2016 | ADMINISTRATION
Convenience store chain My Local faces being pushed into administration by its owner Greybull Capital, which bought the retailer last year, reports Sky News.
It is thought that the company's 1,650-strong workforce were informed at a briefing on Tuesday 21 June, after months of difficult trading at My Local branches. It is anticipated that the company will go into administration in the coming weeks.
Greybull, which bought My Local's 140 stores from Morrisons for £25 million in September last year, has filed a notice of intention to bring in administrators, which will give it protection from creditors for 10 days.
Joanne McGuinness, the national officer for the Usdaw union, is working to save jobs for the staff. She said: "My Local staff are devastated by the news that the company is going into administration. Having been sold by Morrisons last year, there was a mood of optimism that the new owners could turn around the business.
"We are talking with the company in a bid to save jobs and get the best deal for staff. In the meantime, Usdaw is providing the support, advice and representation they need at this unsettling time."
It is expected that KPMG administrators will take charge, and try to sell the business as a whole, or if unsuccessful, in smaller bundles.
Full list of retailers in administration
Established in 2012, the business offers a wide range of new and used books as well as a small media range. It has become very well known in this sector and has a strong base of regular customers in place as well as benefiting from additional trade g...
Tyre specialist and MOT service provider located in a prominent trading location, boasting and excellent reputation.
The company is a vehicle accident repair centre offering general bodywork repair and other related services, including wheel alignment, air conditioning re-gas and windscreen / glass replacement. Repairs are completed to manufacturer standard by trai...
25
|
Apr
|
Ambulance services provider acquired in pre-pack deal | BUSINESS SALE
Elite Emergency Medical Services Ltd (Elite EMS), an ambulan...
25
|
Apr
|
Tile business old to management team by Norcros | MBO/MBI
Johnson Tiles UK, a tile business based in Stoke-on-Trent, h...
25
|
Apr
|
New private equity owner for fleet hire firm | BUSINESS SALE
West Lancashire-based fleet hire business NRG Riverside has ...
Business Sale Report is your complete solution to finding great acquisition opportunities.
Join today to receive:
All this and much more, including the latest M&A news and exclusive resources
We can help you capitalise on insolvent businesses. We list UK businesses in administration, liquidation and with winding up petitions daily. Ensuring our members never miss out on an opportunity
Please choose your settings for this site below. For more information please read our Cookie Policy
These cookies are necessary for our website to function properly and provide you with access to all features.
These are analytics cookies that help us to improve the way our website works.
These are used to improve the functional performance of the website and make it easier for you to use.