Lanarkshire McColl's jobs set to be saved as Morrisons buy out crisis-hit chain

dailyrecord.co.uk:

Supermarket giant Morrisons has won a battle to take over collapsed convenience store chain McColl's.It went into administration putting dozens of jobs in its 18 Lanarkshire stores at risk.Around 1100 stores and 16,000 jobs were at risk across Scotland.The Lanarkshire Live app is available to download now.

Get all the news from your area – as well as features, entertainment, sport and the latest on Lanarkshire’s recovery from the coronavirus pandemic – straight to your fingertips, 24/7.The free download features the latest breaking news and exclusive stories, and allows you to customise your page to the sections that matter most to you.Head to the App Store and never miss a beat in Lanarkshire - iOS - Android Morrisons has fended off competition from the billionaire owners of Asda, with an offer that is expected to see McColl’s stores and workforce preserved in their entirety.McColl’s lenders had rejected an initial offer from Morrisons on Friday that would have seen it take on the firm’s debts and repay them over time.The bid from Morrisons – the sole supplier to McColl’s – would have protected the ‘vast majority’ of staff and stores as well as its £141million pension plan.But Morrisons returned yesterday with an improved deal that would see the lenders repaid in full immediately, satisfying one of their key demands, although the details are unclear.Retail trade union Usdaw has welcomed the intervention and is now seeking assurances for the future for staff along with trade union recognition to give them a voice in the business.Usdaw national officer, Joanne McGuinness said: “It is great news that Morrisons has been successful in their bid to buy McColl’s out of administration.