Morrisons Offers Pension Promises As It Swoops For McColl's
By Martin Croucher (May 10, 2022, 12:25 PM BST) -- British supermarket giant Morrisons Group said it would step in to acquire McColl's Retail Group PLC as it promised to support the insolvent convenience store chain's £134 million ($165 million) pension schemes.
Morrisons said on Monday that the deal, which was announced hours after administrators were appointed to McColl's, will mean the transfer of 16,000 staff and 1,100 shops to the new owner.
The move into administration for McColl's could potentially have resulted in reduced retirement benefits for the estimated 2,085 members of the company's two defined benefit pension plans.
"Especially during the current economic climate, the completion of this transaction provides much needed...
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