(Reuters) – British convenience store chain McColl’s said on Friday it had been placed under administration of accounting and consulting firm PriceWaterhouseCoopers, as it failed to get short-term funding from lenders to stay afloat.

Following a report that Morrisons was offering a deal last minute to the cash-strapped company, the fourth-largest UK supermarket chain, the offer helped the business avoid administration. It also saved the majority of its shops and employees.