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McColl's pleased with post-IPO results as sales rise 3%

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Convenience retailer McColl’s says it is pleased with how life as a public company has begun after sales rose 3 per cent from 25 November 2013 to 6 April 2014.

Like-for-like sales inched up 1.4 per cent as the group completed its post-IPO refinancing.

McColl’s, which floated at 191p a share on 25 February, slipped by 6 ½p to 184 ½p as it reduced its debt levels. It also reduced gross bank borrowings by more than half to £60.9m.

“Trading figures remain encouraging and we are making good progress on our strategy to further enhance our position in a rapidly growing convenience market,” commented James Lancaster, Chairman and Chief Executive Officer.

The group acquired 10 new premium convenience stores in the period and converted a further 93 standard convenience stores into premium convenience stores by adding a wider range of groceries.

It said it had the potential to convert a “substantial number of newsagents” to food and wine stores, while an agreement with the Post Office will see it complete 191 local style post office conversions during 2014.

Published on Tuesday 08 April by Editorial Assistant
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