Major deal: Shoppers walk past a Asda outlet in in Leeds. The supermarket group is poised to buy McColl’s, which has just under £170mil (RM916.6mil) of debt. — Reuters
LONDON: The owners of British supermarket group Asda are set to buy McColl’s out of administration, saving around 16,000 jobs after the convenience store chain’s lenders rejected a rescue deal from Asda’s rival Morrisons.
People with knowledge of the situation said last Friday that EG Group, the petrol station and food retail business owned by brothers Zuber and Mohsin Issa and private equity group TDR Capital, was set to agree a deal as soon as today.
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