The owner of the store chain has gone into administration, putting 1,658 jobs at risk across 100 stores. Greybull Capital had been unable to find an alternative solution or secure sufficient funding.
Greybull Capital bought the stores last year from Morrisons, however due to tough competition in a challenging market, the company filed a notice of intention to appoint administrators last week.
KPMG has now been appointed to oversee the process and will look for interested buyers. Last week Morrisons stated they will welcome back employees if a buyer can’t be found:
A Morrisons spokesperson said, “We are saddened and disappointed to learn that My Local is about to enter administration. We want to help our former colleagues who now work for My Local. We can therefore confirm that if no buyer is found, and stores close, we will welcome our former colleagues back to a job at Morrisons.”
If you are an employee of the business, please listen to the video below as it will tell you your rights as an employee of an insolvent business. There is a link at the end of the video to the Government website which expands further on what you need to know. Please contact KPMG if you have any questions.
The post Owner of convenience store chain, My Local, goes into administration appeared first on Company Rescue London.