Results look strong for McColl’s

McColl's Store Front

CONVENIENCE store and newsagent retail chain McColl’s has posted annual results showing revenue up 7.6% to £504.8m, a year after buying 298 stores from the Co-op.

Chief executive Jonathan Miller said: “I am encouraged by the performance we have delivered over the first half of the year as our business has continued to gain momentum. We are delighted to have completed the integration of the acquired stores, on time and on budget. We have welcomed over 3,500 new colleagues who have done a great job in supporting customers through the transition, and early trading is in line with our expectations.

“With all 298 stores now on board, they are expected to make a material contribution to sales and profit in the second half of the year and beyond.

“Our focus remains on enhancing our convenience proposition through growing market share, developing our product ranges and delivering excellent customer service.

“As the wider convenience and wholesale sector evolves and continues to grow, McColl’s is in a strong position to benefit.”

The group’s store base comprises 1,292 convenience stores and 358 newsagents. It recently announced a new supply chain partnership deal with Morrisons which will see the supermarket revive the Safeway brand through food and grocery products supplied to McColl’s stores.