Union leaders in talks with Peterborough's Secret Millionaire to save My Local stores

Staff at My Local convenience stores run by Peterborough's Secret Millionaire Mike Greene are facing an uncertain future.

Wednesday, 22nd June 2016, 9:55 am
Updated Thursday, 25th August 2016, 7:09 pm
Mike Greene, chief executive of My Local. Picture by Terry Harris.

Union leaders say that the convenience store retailer has filed a Notice of Intention to appoint administrators.

Officials warn that the company may go into administration in the next couple of weeks.

They say the 2,300 staff at about 140 stores across the country were told today (Tuesday) that the company had filed the notice of intention.

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The news comes just nine months after Mr Greene, of Crowland, successfully led a bid to buy 140 of retail giant Morrions’ M Local stores.

He was supported by equity firm Greybull Capital LLP in the deal.

But in a statement released today, Joanne McGuinness, Usdaw national officer, said: “My Local staff are devastated by the news that the company is going into administration.

“Having been sold by Morrisons last year, there was a mood of optimism that the new owners could turn around the business.

“We are talking with the company in a bid to save jobs and get the best deal for staff.

“In the meantime Usdaw is providing the support, advice and representation they need at this unsettling time.”

Mr Greene, who featured in Channel 4’s Secret Millionaire programme five years ago, said at the time of the purchase: “My Local is confident of a profitable and sustainable future.”

Mr Greene has held leading roles with groups McColl’s and Spar and twice been chairman of the Association of Convenience Stores.

He and his senior management team are shareholders in the business and have a significant holding alongside majority shareholder Greybull Capital.

Mr Greene or Greybull Capital were not available for comment.