Martin Retail Group Limited (SC013840): administration
- Status
- Administration ended
- Administration began
- 2022-05-09
- Administrators
- Mark James Tobias Banfield, Robert Nicholas Lewis, Rachael Wilkinson
- Administrators' firm
- PwC
- Formerly
- Martin the Newsagent Limited; R.S. Mccoll Limited
- Incorporated
- 1925-10-27
- Location
- Edinburgh
- Industry
- 47240 Retail sale of bread, cakes, flour confectionery and sugar confectionery in specialised stores
Why it went into administration
- Funding withdrawn / unable to refinance
- Sustained trading losses
- COVID-19
- Supply chain disruption
From the administrators' statement
We have provided a detailed explanation of the Companies’ background and the circumstances leading to our appointment in our SIP 16 letter dated 16 May 2022, which is also attached to these proposals at Appendix C. We therefore do not propose to repeat the detailed narrative again here, but we provide a high level summary of the background and factors leading to our appointment below:
McColl's Retail Group plc, together with its subsidiary entities, operates a chain of c.1,200 convenience retail stores and newsagents across the UK. The Group employs c.16,000 people across its stores and head office. The majority of the Group’s stores are traded under the McColl’s brand in England and RS McColl in Scotland with a number operating as Morrisons Daily under an agreement with Wm Morrison Supermarkets Limited (“Morrisons”), the Group’s largest supplier.
The Group had faced increasing financial pressure over a number of years as a result of Covid-19 related challenges and most recently, supply chain challenges which created issues with product availability. This resulted in a reduction in trading performance and the Group was loss making in 2021 and 2022.
Administrators' statement of proposals (2022-06-06) · Companies House register