Morrisons rescues McColl's taking on all 16,000 staff

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Morrisons has taken all 16,000 staff members from the convenience store chain and newsagent chain.

The petrol station empire, owned by the billionaire Issa brothers, had a rival offer from Morrisons.

Morrisons will pay off the debts and take on the shops and pension schemes of 2,000 members.

The boss of the supermarket said the deal offered stability and continuity for the business.

Morrisons bought the business immediately after it was put into administration.

Rob Lewis said the deal gave much needed certainty to the 16,000 staff of the company.

Morrisons Chief Executive, David Potts, said: "Although we are disappointed that the business was put into administration, we believe this is a good outcome for the company and its stakeholders."

This transaction offers stability and continuity for the McColl's business as well as a better outcome for its employees and retirees.