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McColl’s shares to be suspended as auditors cannot sign off accounts

Shares in convenience store business McColl’s are to be suspended from the London Stock Exchange it admitted it would be unable to get its accounts signed… View Article

GROCERY

McColl’s shares to be suspended as auditors cannot sign off accounts

Shares in convenience store business McColl’s are to be suspended from the London Stock Exchange it admitted it would be unable to get its accounts signed off by auditors in time.

The news comes after the retailer recently held discussions with potential lenders after it was hit during the pandemic due to supply chain issues, inflation and debt.

The company’s share price had already plunged after it reported in April that talks with its lenders and banks would likely leave shareholders empty-handed.

A McColl’s statement to the London Stock Exchange said: “Further to the announcement on 25 April, the company confirms it will not be in a position to publish its annual report for the year ended 28 November 2021 by the end of May 2022, as originally intended.

“The delay reflects the need for a conclusion to discussions with key stakeholders around a potential financing solution for the business, in order to finalise the company’s FY21 audited financial statements.

“As these discussions remain ongoing, the board has concluded there is now insufficient time in order to meet the current deadline for filing these results under the listing rules.

“As the end of May is the latest time permitted for publication of the FY21 results under the Financial Conduct Authority’s disclosure guidance and transparency rules and the FCA’s listing rules, the company is expecting, following consultation with the FCA in due course, to request that the listing of the company’s ordinary shares of 1 pence each be temporarily suspended with effect from 7:30am on 1 st June 2022.

“Further announcements will be made as and when appropriate.”

McColl’s has more than 1,100 managed convenience stores and newsagents. It operates McColl’s and Morrisons Daily-branded convenience stores as well as the newsagents Martin’s across England and Wales.

 

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