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McColl's to acquire convenience store portfolio from the Co-op

Overview

Travers Smith LLP has advised longstanding client McColl’s Retail Group plc, the convenience store group, on its acquisition of a portfolio of 298 convenience stores from the Co-operative Group for £117m. Travers Smith has advised McColl’s since 2005 and advised it on its IPO in 2014.

McColl’s will fund the deal through a placing of shares to raise approximately £13.1m and an extension of the current debt facility it has secured from its existing lenders.

The acquisition is a Class 1 transaction for McColl’s and completion is therefore conditional upon obtaining approval from a majority of McColl’s shareholders as well as obtaining approval from the Competition and Markets Authority.

The Travers Smith team advising McColl’s was led by corporate finance partner Andrew Gillen, who was supported by senior associate Andrew Gofton-Salmond. Banking advice was provided by finance partner Matt Ayre and senior associate Kate Dickens. Commercial advice was provided by  commerical partner Ben Chivers and competition advice was provided by head of competition Nigel Seay. Numis acted as financial advisers to McColl's.

The Co-operative Group was represented by Addleshaw Goddard (legal advice) and Rothschild (financial advice).