Mccoll’s co-founder leaves after 44 years

James Lancaster, the cofounder of convenience store chain Mccoll’s, is stepping down after 44 years with the company.

The announcement that Lancaster was leaving the board came after reports last week that he had been offered a key role with private equity firm Carlyle Group to help with its rumoured buyout of cigarette distributor and wholesaler Palmer & Harvey.

Lancaster, who led Mccoll’s stock market flotation in 2014, had served as both chairman and chief executive of the company before taking up a non-executive role on the board earlier this year.

Yesterday he said it was “the right time to stand down”, adding that he had “every confidence that under the stewardship of the board, and in the capable hands of chief executive Jonathan Miller and his superb management team, Mccoll’s will continue to thrive”.

Chairman Angus Porter said Lancaster had made an “enormous contribution over the years”. Headded:“underhisdirection and guidance, he has helped grow Mccoll’s into one of the largest independent neighbourhood retailers in the UK.”

As well as its chain of Mccoll’s convenience stores, the retailer has hundreds of newsagents, which operate as RS Mccoll in Scotland and Martin’s south of the Border.

First-half profits at the group fell sharply after it took a hit from its acquisition of 298 Co-op branches, despite warm weather boosting sales. Pretax profits fell from £8.2 million to £4.5m after it booked £2.3m in one-off costs. 0 ‘Right time to stand down’ – James Lancaster