My Local convenience stores on verge of collapse

London, UK: Convenience store chain My Local is on the verge of collapse after filing a notice of intention to appoint administrators, the Guardian reports.

Accountancy firm KPMG, which has been working with My Local’s management on considering options for the future of the 120-store chain, was lined up on Tuesday afternoon to handle an administration, the newspaper says.

It is currently not certain whether or not the administrators will be appointed. The notice provides protection from creditors for 10 days before the company potentially tips into administration.

Any appointment could mean a possible liability of up to £20m for Morrisons, which sold the convenience store chain to a group fronted by Mike Greene for £25m in September 2015.

As part of the sale of its convenience stores, Morrisons retained a guarantee on a number of lease obligations, meaning that they will revert to the supermarket if My Local collapses. At the time of the sale, the leases on the stores were thought to have an average of about five years remaining.


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