McColls co-foinder, James Lancaster has just stepped down from the board and sold his remaining stake for £33.6m as he gears up to lead a rescue of wholesaler Palmer & Harvey, which could save 4,000 jobs.
Palmer & Harvey, which supplies Tesco and corner shops across the country, has been engaged in an scramble to raise cash since the start of the summer and had recently been in takeover discussions with private equity firm Carlyle.
Lancaster is understood to have been approached by Carlyle, which is in discussions over the rescue takeover plan of Palmer & Harvey. Sky News said the takeover could take several weeks to be agreed,
The deal will result in Carlyle taking control of the firm, alongside an agreement from cigarette giants Imperial Brands and Japan Tobacco to roll over about £60m of outstanding loans to P&H.