Smiths News PLC McColl's Retail Group Administration (6621K)

TIDMSNWS

RNS Number : 6621K

Smiths News PLC

06 May 2022

This document contains inside information

Smiths News plc

("the Company")

McColl's Retail Group Administration

The Company notes confirmation by McColl's Retail Group PLC ("McColl's) today that it has entered administration.

Smiths News serves approximately 600 McColl's stores. At this time, McColl's represents a bad debt risk to the Company of GBP6-7m, with GBP1.2m being overdue. The Company confirms that its banking covenants will not be impacted by this news.

The Company is closely monitoring the current situation and considering options for reducing the current risk, including the return of unsold stock.

A further update will be provided in due course.

Enquiries:

 
 Smiths News PLC 
  Jonathan Bunting, Chief Executive        Via Buchanan 
  Officer 
  Paul Baker, Chief Financial Officer 
 www.smithsnews.co.uk 
 Buchanan 
  Richard Oldworth / Jamie Hooper 
  / Toto Berger 
  smithsnews @buchanan.uk.com 
  www.buchanan.uk.com                      020 7466 5000 
 

About Smiths News PLC

Smiths News PLC and its core business, Smiths News, is the UK's largest newspaper and magazine wholesaler, with an approximate 55 per cent. market share. It distributes newspapers and magazines on behalf of the major national and regional publishers, delivering to approximately 24,000 customers across England and Wales on a daily basis. The speed of turnaround and the density of Smiths News' coverage is critical to one of the world's fastest physical supply chains.

Ancillary businesses include: Dawson Media Direct (DMD) which supplies airlines and travel points in the UK; and Instore, which offers field marketing services to retailers and suppliers across the UK.

Person responsible for arranging release of this announcement:

Stuart Marriner, General Counsel & Company Secretary

Smiths News plc

Rowan House

Cherry Orchard North

Kembrey Park

Swindon

SN2 8UH

email: [e-mail]

LEI: 2138004O33ONVOOQXB02

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(END) Dow Jones Newswires

May 06, 2022 09:45 ET (13:45 GMT)