Morrisons saves 16,000 jobs by acquiring McColl’s

Morrisons takeover of collapsed convenience store chain McColl’s means that the 16,000 staff and 1,100 shops have now been saved. With the deal the retailer has also rescued McColl’s two pension schemes, which have more than 2,000 members. Morrisons – McColl’s largest supplier and creditor – had an exposure of about GBP 130m to the company it has bought (mostly in stock).