Global law firm Ashurst, acting for Morrison Supermarkets Limited ("Morrisons") and Morrisons' Group company Alliance Property Holdings Limited ("APHL") is delighted that the rescues of the two defined benefit pension schemes operated by McColl's Retail Group plc ("McColl's") have now been successfully completed.
The scheme rescues were agreed following Morrisons' purchase of the McColl's business out of administration after McColl's lenders withdrew their support for the business.
A pension scheme rescue is a very rare occurrence in the pensions industry, as it requires a company - in this case Morrisons' Group company APHL - to agree to assume all of the liabilities of a defined benefit pension scheme which would otherwise fall into the Pension Protection Fund or be left without any financial support.
The Ashurst team was led by Head of Pensions, John Gordon, supported by partners Olga Galazoula on the restructuring aspects and Tom Mercer on the corporate aspects, alongside counsel Inga West and associate Luke Gordon.
