Scotland business

McColl's to float on stock exchange

McColl's shop Image copyright McColl's
Image caption McColl's operates more than 1,275 shops across the UK

Convenience store chain McColl's has announced plans to float on the London Stock Exchange.

The retail group hopes to raise about £50m through an initial public offering (IPO).

McColl's said the cash raised would be used to "reduce the level of outstanding borrowings under the group's existing debt facilities".

The retailer said it expected the IPO to be completed by the end of next month.

McColl's runs more than 1,275 convenience stores and newsagents across the UK.

The group's newsagents operate under the Martin's brand in England and Wales, and as RS McColl in Scotland, where it has more than 150 shops.

The company, which was established in 1973, reported revenue of almost £870m last year, with earnings before interest and tax of £34.9m.

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