McColl’s boss steps down after six years at the helm amid rescue talks
The chief of beleaguered convenience store chain McColl’s has quit as the business faces an existential crisis.
The chain has been in talks with lenders over emergency cash, as it hopes to find a buyer to secure its future.
After three decades with the chain and six years in leadership, Jonathan Miller has quit the company.
Non-executive chairman Angus Porter has stepped into the role of executive chairman until a replacement for Miller can be appointed.
What’s more, chief operating officer Karen Bird has become interim chief executive to manage the day-to-day responsibilities.
Hopes of respite via a takeover from forecourt giant EG Groups were dashed when discussions came to a halt.
Angus Porter, executive chairman of McColl’s, said: “As we discuss with our stakeholders the transformation of our business to a grocery-led convenience offer, Jonathan and the board have agreed that now is the right time to bring in a new chief executive to lead the business into a new phase.
“In the meantime, we have a strong management team in place to take the business forward, and we are confident in our strategy to capitalise on the opportunity in the convenience sector in the years ahead.”
Supermarket Morrisons is thought to have recruited City advisors as it mulls what to do about McColl’s, which helps run the Morrisons Daily stores.
The supermarket has hired advisers from investment bank Houlihan Lokey to assess options for its exposure to McColl’s, Sky News reported earlier.
Miller said: “It has been an enormous privilege to work for McColl’s for the last 30 years, most recently leading the business and transforming our offer in partnership with Morrisons.”
Miller will still remain as a “significant” shareholder in the group, he said.
McColl’s share price dipped more than seven per cent on Thursday following the announcement.
The share price has tumbled more than 90 per cent in the past year.
Some 16,000 people are employed by the convenience store group, with around 6000 on a full-time basis.