McColls shares to be suspended over debt negotiations
The convenience store chain is struggling to stay afloat due to huge debt levels.
Your support helps us to tell the story
From reproductive rights to climate change to Big Tech, The Independent is on the ground when the story is developing. Whether it's investigating the financials of Elon Musk's pro-Trump PAC or producing our latest documentary, 'The A Word', which shines a light on the American women fighting for reproductive rights, we know how important it is to parse out the facts from the messaging.
At such a critical moment in US history, we need reporters on the ground. Your donation allows us to keep sending journalists to speak to both sides of the story.
The Independent is trusted by Americans across the entire political spectrum. And unlike many other quality news outlets, we choose not to lock Americans out of our reporting and analysis with paywalls. We believe quality journalism should be available to everyone, paid for by those who can afford it.
Your support makes all the difference.Struggling convenience store business McColls is set to have its shares suspended from the London Stock Exchange as bosses said they would be unable to get its accounts signed off by auditors in time.
The retailer has been in discussions with potential lenders to shore up the business, which struggled badly during the pandemic due to supply chain issues, inflation and a heavy debt burden.
Shares in the company had already plunged as it reported last month that talks with its lenders and banks would likely leave shareholders empty-handed under rescue efforts.
The board has concluded there is now insufficient time in order to meet the current deadline for filing these results under the Listing Rules
The group, which runs more than 1,100 convenience shops, said: “The company confirms it will not be in a position to publish its annual report for the year ended 28 November 2021 by the end of May 2022, as originally intended.
“The delay reflects the need for a conclusion to discussions with key stakeholders around a potential financing solution for the business, in order to finalise the company’s 2021 audited financial statements.
“As these discussions remain ongoing, the board has concluded there is now insufficient time in order to meet the current deadline for filing these results under the Listing Rules.”
Shares are set to be suspended from June 1, it added, once discussions with regulators conclude.
Under stock market rules, listed companies must publish results within six months or risk having shares suspended.