// McColl’s unsecured creditors are still owed £45m after the chain’s collapse into administration
// Administrators PwC have requested an extension to the administration to complete the restructuring
Unsecured creditors of McColl’s are still £45m out of pocket after it was rescued by Morrisons in May last year.
The supermarket giant snapped up the convenience store chain in a pre-pack deal, outbidding Asda owners – the Issa brothers and TDR Capital.
The deal totalled £182.1m, with a further £8m added to pay unsecured creditors.
According to a new report by administrator PwC, unsecured creditors – which include trade suppliers and landlords – are set to receive dividends from the prescribed parts worth £600,000.
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Meanwhile, Companies House documents show secured creditors have received the full £164.3m owed to them.
PwC has also requested an extension to the administration to 8 May 2024, as it said the standard 12-month period was not a “sufficient” amount of time to complete the restructuring.
Morrisons has been in the process of converting McColl’s stores to its Morrisons Daily fascia and has about 600 of the 1,000 stores left to convert.
This week, the supermarket chain unveiled its sixth round of price cuts as it invested a further £26m into supporting customers with climbing food bills.
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