McColl’s valued at £200m in flotation

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Shares in the owner of Glasgow-based newsagent RS McColl began conditional trading today, with the flotation valuing the company at about £200 million.

McColl’s Retail Group, which began life 40 years ago as a vending machine business and is now the UK’s largest convenience store business, priced its shares at 191p.

The float will raise about £132.8m, and unconditional trading is expected to begin on Friday.

Executive chairman James Lancaster said: “The success of this initial public offering is a clear endorsement of the quality of the business and its clear prospects for future growth and profitability.

“It will enable us to accelerate our growth strategy, further enhancing our position in a rapidly growing convenience market.”