British convenience chain McColl’s collapses

(Reuters) – British convenience store chain McColl’s said on Friday it had been placed under administration of accounting and consulting firm PriceWaterhouseCoopers, as it failed to get short-term funding from lenders to stay afloat.

The news follows a report the cash-strapped firm was offered a last-minute deal by Morrisons, Britain’s fourth-largest supermarket group, to avert the administration and save the vast majority of its stores and jobs.

(Reporting by Pushkala Aripaka in Bengaluru; Editing by Krishna Chandra Eluri)