Britain reports gossips Britain

What happens next as McColls collapses into administration

Reading now: 403
manchestereveningnews.co.uk

Thousands of jobs are at risk after convenience store chain McColl's collapsed into administration. More than 16,000 are employed by the chain and their future is uncertain while the business owners rush to save the company.

The firm confirmed on Friday afternoon, May 6, that it has appointed administrators from PriceWaterhouseCooper. News services are reporting that both Morrisons and Asda have both put in bids to try and buy McColl's, which could mean that the company remains a fixture on UK high streets.

Administration is a process used to try and save a business when it can no longer afford to operate. The process takes the power away from the directors of the company and instead into the hands of a professional insolvency practitioner. READ MORE: 16,000 jobs at risk as convenience store chain McColl’s collapses But what exactly happens when a business enters administration?

And what could this mean for McColl's? When a business enters administration it is put into the hands of an administrator, who must be a licensed insolvency practitioner.

Read more on manchestereveningnews.co.uk
The website celebsbar.com is an aggregator of news from open sources. The source is indicated at the beginning and at the end of the announcement. You can send a complaint on the news if you find it unreliable.

Related News

DMCA