Morrisons and the EG Group are in competition to buy McColl’s, which has collapsed into administration.

After Morrisons made an offer on Sunday, the EG Group, owned by the billionaire Issa brothers, has made a fresh offer, according to the BBC.

It is believed both bidders are willing to back McColl’s pension schemes.

Morrisons has offered to take on all 1,100 McColl’s stores and their staff.

The supermarket giant had already agreed to acquire McColl’s debts but is now willing to immediately pay McColl’s lenders in full, matching a similar offer by EG Group, it is believed.

The deadline to make full and final bids was 18:00 on Sunday.

Morrisons and EG Group have both declined to comment.

Trustees of the McColl’s pension schemes have asked Business Secretary Kwasi Kwarteng to do everything in his power to protect pension scheme members.

Morrisons is McColl’s main wholesale supplier and has converted over 200 McColl’s stores to Morrisons Daily convenience stores, which are performing well.

EG Group aims to offer McColl’s workers a pay rise to £10.05 an hour for over 18-year-olds.

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