Morrisons has triumphed in the battle to buy failed retailer McColl's after striking a deal with creditors to settle debts including a £10million tax bill.
Some 16,000 jobs across 1,100 stores have been saved following the rescue takeover by Britain's fourth-biggest supermarket, which beat the billionaire brothers behind Asda in a bidding war.
There are more than 30 McColl's outlets in the north-east and north, including in Aberdeen.
City sources said that Morrisons' final offer for McColl's meant that lenders would be paid out in full, as well as preferential creditors such HM Revenue & Customs. It is understood that McColl's owed around £10million in unpaid VAT.
The Telegraph says that McColl's pension scheme, which has more than 2,000 members, welcomed the takeover after Morrisons promised to honour retirement-fund obligations.
The company called in administrators last week following the collapse of initial talks with Morrisons about a solvent takeover. This plan was rejected by the lenders owed £165million as they would have had to wait until 2025 before being repaid.
Morrisons was then targeted by EG Group, the petrol station empire controlled by the billionaire Issa brothers, who also own Asda. They promised to repay lenders in full and offer younger staff large wage increases.
However, Morrisons returned and ultimately triumphed by offering a better deal to creditors.
David Potts, chief executive of Morrisons, said: "We believe this is a good outcome for McColl's and all its stakeholders. This transaction offers stability and continuity for McColl's business and, in particular, a better outcome for its colleagues and pensioners.
"We all look forward to welcoming many new colleagues into the Morrisons business and to building on the proven strength of the Morrisons Daily format."
A spokesman for the pension scheme told the Telegraph: "The trustees welcome the announcement that Morrisons will continue to support the schemes following its acquisition of the McColl's business. The trustees will continue to engage with all stakeholders to ensure that members' benefits are protected following the completion of the transaction."
Rob Lewis, joint administrator at PwC which oversaw the sale, said: "Especially during the current economic climate, the completion of this transaction provides much-needed certainty to McColl's 16,000 staff after a period of understandable concern following the group's challenges over the past months. All in all, a really-positive outcome."
FTSE 100
The UK's top share index, the FTSE 100, was up 49 points shortly after opening this morning at 7,265. The index had a tough time yesterday - finishing down 171 points as global markets remained rattled.
Brent crude futures were down 1.72% at $104.32 a barrel earlier today.
Companies reporting today
- Full-year results: 3i Infrastructure