Convenience Chain Enters into Administration

Posted on 30 June, 2016 by Chris Grigorovsky

The retail sector takes another hit this week as convenience chain, My Local, has entered administration, with 1,200 jobs at risk.

Convenience Store

There have already been 90 stores closed, with a further three to be shut imminently, which will leave just 32 stores left.

Administrators, KPMG, will now find buyers for the remaining stores and 458 jobs that are currently up in the air. The Co-operative is reportedly buying some of the remaining sites.

Morrisons, who were former owners, confirmed that employees in stores that don’t have a buyer will get a job with them.

Birmingham based partner at KPMG and joint administrator at My Local, Mark Orton, commented: “Companies across the convenience store sector have faced significant challenges in recent times, through increasing competition, pricing pressures, changes in customers’ buying habits and general structural change within the sector.”

Mr Orton goes on to say that after exploring so many options, the directors had no choice but to make the decision to put the company into administration.

He concludes: “Although the majority of stores have now closed, we are in active discussions with a number of interested parties in relation to both the remaining 32 premises that are trading and a small number of those that have closed.

“We are pursuing these opportunities as a matter of priority in the hope that we will be able to conclude successful sales and safeguard as many jobs as possible.”

Current owners of My Local, Greybull Capital, announced it was to appoint administration last Tuesday.

Leave a Reply

Your email address will not be published. Required fields are marked *

This site uses Akismet to reduce spam. Learn how your comment data is processed.

Recent Posts

Optimism from the Bank of England’s chief economist

The most expensive commercial properties.

Businesses operating from shared premises will miss out on grants

BA cuts 12,000 jobs, unions hit back

Media Streaming Service See Record Subscriptions

Covid-19 Causes Millions To Claim UK Furlough Scheme

America, Amazon Wants You!

UK Firms Battle To Survive

COVID-19 Grounds EasyJet Fleet

ECB Emergency Fight Back Aganist Covid-19

Aldi’s Expansion Plan

British Steel on the verge of collapse with over 20,000 jobs at risk

Paris watches as flames engulf one of France’s most famous landmarks

Debenhams on the brink of administration as board reject Ashley’s bid

Emmanuel Macron pushes for a new Europe with European Parliament elections on the horizon

Brexit impacts property market

Brexit uncertainty impacts the property market