McColl’s Retail Group plc raises £33 million
Singer Capital Markets is delighted to have acted as Joint Bookrunner to McColl’s Retail Group plc on it’s successful Firm Placing and Open Offer, raising total proceeds of £33 million.
The net proceeds of the Firm Placing together with the proceeds from the Open Offer will be used to:
- Increase the number, and accelerate the pace of rollout, of Morrisons Daily stores, from 56 to 350 by the end of the financial year ending November 2022 (an increase of 50 stores against the Group’s previous target of 300 stores by the end of December 2023);
- Improve the grocery infrastructure in the Morrisons Daily sites, thus enhancing the standard of the refit and expanding the chilled offer with more refrigeration, adding further profit potential;
- Further invest in the store estate, including the potential to extend the rollout of Morrisons Daily beyond 350 stores; and
- To reduce the Group’s financial leverage.
Jonathan Miller, Chief Executive Officer of McColl’s Retail Group plc, commented:
“Today’s successful capital raise represents a transformational opportunity to accelerate our strategy and capitalise on the growth opportunity available to us in food-led convenience. On behalf of the Board, I would like to thank our existing shareholders for their ongoing support and welcome all new shareholders in the Company.”
Singer Capital Markets is acting as Joint Broker to McColl’s Retail Group plc.
About McColl’s Retail Group plc
McColl’s is a leading neighbourhood retailer, with an estate of around 1,300 managed convenience stores and newsagents. They operate McColl’s branded convenience stores as well as newsagents branded Martin’s across the UK, except in Scotland where they operate under their heritage brand, RS McColl.
Market Cap: £57 million*
Website: Click here
*As at 07/09/2021