// Morrisons and EG Group make last-minute offers to buy McColl’s
// Administrators are set to be appointed for the business which has 1,100 stores
Morrisons and the EG Group have tabled final bids for McColl’s as the pair gear up for a battle to acquire the collapsed convenience chain.
Morrisons’ final last-minute offer came on Sunday. EG Group, owned by billionaire Issa brothers, has now met this bid with a revised proposal.
Their final offer would take on the funding of McColl’s pension schemes.
READ MORE: McColl’s appoints administrators but Asda owners close in on rescue deal
Administrators are set to be appointed for the business which has 1,100 stores.
Morrisons is offering to take on all the stores and staff.
Morrisons had already agreed to take on McColl’s debts, but it is now understood to be willing to pay McColl’s lenders in full, straightaway, matching a similar pledge thought to have been made by EG Group.
Morrisons is also prepared to take on McColl’s pension commitments. It is now thought EG’s rescue deal also includes the pensions scheme.
A deadline was set for 18:00 BST on Sunday for full and final bids.
Morrisons made an offer on Thursday evening, shortly after McColl’s warned that unless it secured extra cash it was likely to go into administration. But lenders turned the rescue deal down.
The trustees of the McColl’s pension schemes have written to the Business Secretary, Kwasi Kwarteng, urging him to do whatever he can to make sure pension scheme members are protected.
EG Group already owns thousands of petrol stations, including forecourt shops, and other convenience stores in the UK, Ireland, Europe, Australia and the US – and is expected to retain McColl’s sites and staff.
EG Group is also aiming to offer McColl’s workers a pay rise to £10.05 an hour for over 18-year-olds.
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