McColl’s mulls capital raise
The McColl’s convenience chain has said it is considering undertaking a capital raise to fund the expansion of its partnership with the Morrisons supermarket.
The move follows a report by Sky News over the weekend in which the broadcaster said it had learnt that McColl’s had approached institutional investors regarding a potential share placing to raise around £30 million.
In a statement to the London Stock Exchange this morning, McColl’s said: “Further to recent media reporting, McColl’s Retail Group plc confirms it is currently exploring options relating to a potential capital raise to increase the number of its Morrisons Daily store conversions, accelerate the pace of roll-out of its Morrisons Daily store conversion programme, and strengthen its balance sheet.
“No final decisions have been made on whether to proceed with a capital raise or with regards to the timing or size of any such capital raise.”
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