McColl’s Retail Group Limited has announced its intention to float on the London Stock Exchange.
A new holding company, McColl’s Retail Group plc, will be formed for the purpose of the initial public offering (IPO), which is expected to complete by the end of February 2014.
McColl’s has 1,276 stores serving the convenience and CTN sectors across the UK. The group’s store portfolio consists of three c-store formats - Premium Convenience Stores, Standard Convenience Stores and Food and Wine stores - as well as newsagents.
The group is continuing its transformation of newsagents into higher quality convenience stores, with the number of c-stores increasing from 314 in September 2005 to 714 to date.
The IPO will comprise an offer of new shares to be issued by the company to raise gross proceeds of approximately £50m.