Travers Smith LLP has advised longstanding client, the McColl's Group, on its restructuring negotiations with stakeholders and the recent sale of its business to Morrisons, which was transacted via an administration sale.
McColl’s operated some 1,200 stores and the sale will help to secure nearly 16,000 jobs. McColl's has previously been in partnership with Morrisons, with McColl's running its own convenience stores as well as Morrisons Daily-branded shops across the UK.
The Travers Smith team was led by Head of Corporate M&A and ECM Andrew Gillen and Head of Restructuring and Insolvency Edward Smith, supported by Restructuring and Insolvency Senior Associate, Kirsty Emery and Corporate Associate, Fabian McNeilly.
The firm has advised McColl's since 2005. Andrew Gillen advised McColl’s on its IPO in 2014 and acquisition of a portfolio of 298 convenience stores from the Co-operative Group in 2016 for £117m. In 2017, partner Ben Chivers won a mandate for McColl’s as it entered a long-term supply chain partnership with Morrisons.
Hogan Lovells advised the administrators, PwC. Ashurst acted for Morrisons.