THE owner of the RS McColl newsagent chain hopes to raise up to £50 million by floating on the London Stock Exchange.

McColl's Retail Group plans to pay down its existing borrowings following the initial public offering next month.

The company runs more than 1270 convenience stores and newsagents across the UK.

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Revenue in the 12 months to the end of November last year was said to be 2.9% up from £844.7m to £869.4m with underlying operating profit rising from £21.3m to £23.3m.