Newsagent and convenience store firm McColl’s is set to raise £50 million through a flotation on the stock exchange as early as next month, according to reports.

The group is currently owned by its management, led by founder James Lancaster who between them control 80% of the chain.

The move is thought to be the first in a raft of upcoming flotations in the retail industry this year, which could include Pets at Home and Poundland.