Jonathan Miller moves on as rescue talks continue for convenience chain
Jonathan Miller has stepped down as chief executive of McColl’s Retail Group after more than 30 years with the company as rescue talks for the 1,100-site convenience chain continue.
McColl’s, whose managed stores and newsagents all sell a wide range of greeting cards among the foodstuffs and essential items, made the announcement yesterday (24 March), stating Jonathan had left both his role and the board with immediate effect – although he keeps his shareholdings – as current chief operating officer Karen Bird becomes interim chief executive.
Pending the appointment of a new ceo, group non-executive chairman Angus Porter has assumed the role of executive chairman on a temporary basis, and chief financial officers Giles David will assume additional responsibilities.
McColl’s statement added: “The group remains in ongoing dialogue with its lenders towards a longer-term agreement in relation to the balance of its existing facility, and continues to believe that a financing solution will be found that involves its existing partners and stakeholders.”
The retailer admitted last month it has had interest from potential buyers, subsequently withdrawn, and warned profits would be slightly behind expectations.
With 16,000 staff, roughly 6,000 on a full-time equivalent basis, the sheer size of the operation makes McColl’s a large card retailer, and it has a partnership with supermarket Morrisons for a Morrisons Daily store rollout planned to hit 450 conversions in total, with 200 already in operation.
On Tuesday (22 March), SkyNews revealed Morrisons has appointed City advisers Houlihan Lokey to explore options for its exposure to the embattled London-listed retailer.
Sky added that City sources said the appointment should not be interpreted as a sign Morrisons plan to launch a takeover bid for McColl’s, although they acknowledged the supermarket chain could seek to acquire sites as part of any break-up or insolvency process.
Angus said: “On behalf of the board, I want to take this opportunity to thank Jonathan for the immense contribution he has made to McColl’s and to pay tribute to his commitment in leading the business over the course of more than 30 years. We wish him all the very best in the future.
“As we discuss with our stakeholders the transformation of our business to a grocery-led convenience offer, Jonathan and the board have agreed that now is the right time to bring in a new chief executive to lead the business into a new phase. In the meantime, we have a strong management team in place to take the business forward, and we are confident in our strategy to capitalise on the opportunity in the convenience sector in the years ahead.”
Jonathan said: “It has been an enormous privilege to work for McColl’s for the last 30 years, most recently leading the business and transforming our offer in partnership with Morrisons. I have worked alongside so many talented and hardworking people and I am enormously grateful for the support I have had from the many thousands of colleagues in the business over many years.
“I remain a significant shareholder, and I leave confident that, with its clearly defined, convenience-led strategy and strong partnership with Morrisons, McColl’s will continue to play a vital role at the heart of local communities across the UK.”
Top: Moving on – Jonathan Miller keeps his shares but has left McColl’s after 30 years
