McColl's collapses into administration putting 16,000 jobs at risk
The company has 1,400 stores and employs 16,000 staff
Convenience store chain McColl's has collapsed into administration, putting 16,000 jobs at risk, according to reports.
McColl's said the company's lenders did not want to extend banking agreements that were keeping the business going.
The company has 1,400 stores and employs 16,000 staff but it is hoped that a sale out of administration would preserve the vast majority of its workforce and store estate, Sky News reported.
Accountancy firm PriceWaterhouseCoopers has been appointed as administrators and will look for a buyer "as soon as possible", the BBC reported.
On Thursday, supermarket chain Morrisons reportedly proposed a rescue deal to try to safeguard the chain.
This is a breaking news story. More to follow.