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Smiths News PLC - Swindon, England-based newspaper and magazine wholesaler - Notes confirmation earlier on Friday that McColl's Retail Group PLC has entered administration. Smiths serves around 600 McColl's stores, posing a £6 million to £7 million bad debt risk, with £1.2 million currently overdue, it notes. Says banking covenants will not affected by the news.
‘The company is closely monitoring the current situation and considering options for reducing the current risk, including the return of unsold stock,’ the firm said.
Current stock price: 30.80 pence, down 14% on Friday afternoon
12-month change: down 27%
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