Supermarket giant Morrisons has reportedly saved convenience store brand McColl’s from collapse.
The last-ditch deal will mean Morrisons buys McColl’s immediately after it enters insolvency proceedings.
It is reported that the deal will secure all 16,000 workers at its 1,100 stores, as well as honouring all of its outstanding pension obligations.
McColl’s and its subsidiary Morrisons Daily have 14 stores across Cumbria, including three in Carlisle.
Last week McColl’s announced its intention to appoint administrators and suspend trading.
“In order to protect creditors, preserve the future of the business and to protect the interests of employees, the board was regrettably, therefore, left with no choice other than to place the company in administration,” a statement from McColl’s said.
Morrisons and McColl’s have yet to formally announce the sale.
