McColl’s is set to have its shares suspended from the London Stock Exchange as bosses said they would be unable to get accounts signed off by the auditors in time.
The convenience store chain, which operates more than 1,100 branches across the UK, has been in discussions with potential lenders to resolve the funding issues and stabilise the business, which struggled during the pandemic due to supply chain issues, inflation and debt burden.
Shares in the company had plummeted following its the news that recent talks with lenders and banks would “likely leave shareholders empty-handed” as part of the ongoing efforts to rescue the struggling business.
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The retailer said: “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 2021 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.”
Shares are set to be suspended from 1 June, following the conclusion of discussions with regulators.
Under stock market rules, listed companies must publish results within six months or risk having shares suspended.