The Co-op acquired the debt-laden group for £131m from administrative receivers PricewaterhouseCoopers who had been appointed to Alldays on Monday.
Following the appointment of David Hargrave and Bruce Cartwright, PwC partners, and with the full agreement of the secured lenders, they struck a deal with the Co-Op for the sale of Alldays’ assets and business, including the transferral of all employees.
The deal means Co-op now adds Alldays’ 600 stores to its existing 1,071 convenience outlets and takes on some 10,500 employees.
David Hargrave, said: ‘This is a great deal for the creditors of the group and the employees alike. I am delighted that through a sale to the Co-op group, we have been able to reach a conclusion which, in the circumstances, produced substantial value for all the creditors of the group including the secured lenders who fully supported the sale.’
In addition to the payments made to the receivers, Co-op will also pay shareholders of Alldays 5p per share, which in aggregate will amount to approximately £2.2m.
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