Morrisons has tabled a last-gasp bid to wrest McColl’s Retail Group from the clutches of its Asda-owning rivals just hours before administrators are formally appointed to oversee its sale. Sky News reported that Morrisons has lodged an improved offer with McColl’s lenders that would see them repaid immediately in full, satisfying their principal demand. (Sky News)

Administrators of McColl’s were last night considering last-ditch improvements to bids from Morrisons and EG Group, writes The Times, after the Asda owner bowed to pressure to look after the convenience store chain’s pension liabilities (The Times £).

Morrisons has mounted a last-ditch rescue bid for McColl’s, prompting petrol station operator EG Group to improve its offer to buy the struggling UK convenience store chain out of administration (The Financial Times £)

Morrisons’ final last-minute offer came on Sunday. EG Group, the petrol station empire owned by billionaire Issa brothers, has now met this bid with a revised proposal. (The BBC)

Morrisons sought to gatecrash a takeover for failed convenience store chain McColl’s last night in a snub to the billionaire owners of Asda who were on the brink of securing a deal (The Telegraph).

Morrisons and Asda-owner EG Group, run by the billionaire Issa brothers, are battling for the firm in a takeover tussle that could send shockwaves through the sector (The Daily Mail).

On Friday reports suggested that EG Group were close to tying up a deal to rescue McColl’s.

EG Group was putting the finishing touches on Friday to a takeover of McColl’s through a pre-pack administration that would usurp a rival rescue proposal from Morrisons, the supermarket chain. (Sky News)

The Issa brothers’ EG Group, the owner of Asda, is thought to be the frontrunner to purchase key McColl’s assets via a contentious pre-pack administration process. Transaction documents have been signed, sources said. (The Times £)

Blackburn-based EG, whose owners also control Asda, has been pressing for a swift deal, one person with knowledge of the matter said, as it seizes on the retailer’s collapse to expand its UK grocery store network (The Financial Times £).

The Issa brothers emerged as clear frontrunners to snap up McColl’s’ 1,100 stores after a tumultuous 24 hours in which the failing corner shop retailer first appeared to be close to avoiding bankruptcy, before an eleventh-hour takeover by supermarket chain Morrisons fell apart. (The Telegraph)

Accountancy firm PwC are expected to be appointed as administrators when the courts reopen on Monday morning. Any sale could only be completed once administrators have been formally appointed. (The BBC)

Kwasi Kwarteng has been urged by McColl’s pension trustees to intervene in the takeover of the failed convenience chain over fears that a rescue deal will hit thousands of staff in retirement. The Business Secretary has been asked to ensure that the pension scheme’s 2,200 members are not left out of pocket in the wake of a looming takeover of McColl’s by the billionaire Issa brothers who own Asda. (The Telegraph)

McColl’s pension fund trustees called on any buyer of the business to take on the group’s scheme, which will automatically be assessed by the pensions lifeboat once the business goes into administration. Under the industry-funded Pension Protection Fund, members of the scheme would get up to 90% of their promised benefits. (The Guardian)

More people in the UK are struggling to afford to eat every day as food prices rise, according to research by charity the Food Foundation. Around one in seven adults live in homes where people have skipped meals, reduced meal sizes or gone hungry, an online survey suggested. (The BBC)

Half of all businesses saw price rises in March but only 24% were able to pass on the increased costs to their customers, hitting profit margins, an official survey shows. (The Times £)

Consumer spending and business investment in Britain will not grow as much as forecast this year because of the war in Ukraine, adding to warnings of a recession, according to the EY Item Club. (The Times £)

The former chief executive of Camelot has warned that a looming court row over the loss of its National Lottery licence could drain up to £1bn otherwise destined for good causes. (The Daily Mail)

The chief executive of Tesco has urged ministers to change “outdated” laws to allow insects grown on food waste to be fed to fish, pigs and chicken. (The Telegraph)

The Hut Group’s embattled boss took home just £20,000 last year after giving almost his entire salary to charity. (The Daily Mail)

Wheat production in Ukraine is likely to be at least a third lower than in normal years, according to analysis of satellite images of the country. (The Guardian)

As supermarkets grapple with fraught supply chains and the highest food price inflation in decades, they are also facing another pressing challenge: predicting which of the many pandemic induced trends will endure. From panic buying and a surge in home deliveries, to a collapse in sales at city centre convenience stores, consumers have upended the way they shop during the past two years. (The Financial Times £)

Chapel Down chief exec Andrew Carter has brought in a new executive team, and is trying to speed up the expansion that had appeared in danger of stalling as previous management sought to diversify by building a brewery and opening a trendy bar, restaurant and micro-distillery in King’s Cross — both of which failed. (The Times £)

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