McColl's Retail Group Administration
Source: RNS
This document contains inside information
Smiths News plc
("the Company")
McColl's Retail Group Administration
The Company notes confirmation by McColl's Retail Group PLC ("McColl's) today that it has entered administration.
Smiths News serves approximately 600 McColl's stores. At this time, McColl's represents a bad debt risk to the Company of £6-7m, with £1.2m being overdue. The Company confirms that its banking covenants will not be impacted by this news.
The Company is closely monitoring the current situation and considering options for reducing the current risk, including the return of unsold stock.
A further update will be provided in due course.
Enquiries:
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Smiths News PLC Jonathan Bunting, Chief Executive Officer Paul Baker, Chief Financial Officer |
Via Buchanan |
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www.smithsnews.co.uk
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Buchanan Richard Oldworth / Jamie Hooper / Toto Berger |
020 7466 5000 |
About Smiths News PLC
Smiths News PLC and its core business, Smiths News, is the UK's largest newspaper and magazine wholesaler, with an approximate 55 per cent. market share. It distributes newspapers and magazines on behalf of the major national and regional publishers, delivering to approximately 24,000 customers across England and Wales on a daily basis. The speed of turnaround and the density of Smiths News' coverage is critical to one of the world's fastest physical supply chains.
Ancillary businesses include: Dawson Media Direct (DMD) which supplies airlines and travel points in the UK; and Instore, which offers field marketing services to retailers and suppliers across the UK.
Person responsible for arranging release of this announcement:
Stuart Marriner, General Counsel & Company Secretary
Smiths News plc
Rowan House
Cherry Orchard North
Kembrey Park
Swindon
SN2 8UH
email: cosec@smithsnews.co.uk
LEI: 2138004O33ONVOOQXB02
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