Morrisons and EG Group launch final bids for McColl’s
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The convenience chain fell into administration on Friday, plunging the future of its 1,100 shops and 16,000 staff into doubt.
Forecourt giant EG – owned by Lancashire's Issa brothers – had been favourites to complete a rescue deal for McColl’s.
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Hide AdHowever, it is understood that both EG and Morrisons both tabled late improved offers prior to the administrators’ Sunday deadline for offers.
It is understood that EG has bowed to pressure to look after McColl’s pension liabilities, in a move that means that its 2,000 members will avoid a cut of up to 20% to their promised pensions over their lifetimes.
Trustees for the McColl’s pension schemes have called on the Business Secretary Kwasi Kwarteng to do whatever he can to ensure pension scheme members are protected.