McColl’s to extend Morrisons Daily stores from 350 to 450 stores

McColl’s Retail Group has agreed terms with Morrisons to extend the number of Morrisons Daily stores from 350 to 450 

All 450 store conversions are expected to be completed by the end of November 2022, the same as for the previous target of 350.
McColl’s said Morrisons will provide an increased level of support due to the expanded number of stores.

Morrisons Daily stores offer a wider range of products compared to McColl’s stores. which McColl’s says has driven more customer spend, frequency and loyalty.

In an update on discussions with its lending bankers, McColl’s said the talks are ongoing and are expected to conclude by the publication of its full year results in March 2022.

In the meantime, an agreement has been reached to defer a financial covenant test due on 28 November 2021 to 31 December 2021, and thereafter the company expects it to roll on a monthly basis.