Embattled symbol group retailer McColl’s has revealed a 71% rise in share price to 3.4p.

The group said it knows of no reason of the sudden surge, as in February, its price plummeted to as low as 1.5p, following fears the grocer might collapse.

In a statement to the London Stock Exchange, the group said: “McColls’s notes the recent rise in the company’s share price and confirms that it does not know of any reason for this price movement.

READ MORE: McColl&’s confirms talks with lenders over insolvency fears

“As previously announced, the group remains in ongoing dialogue with its lenders with a view to achieving a longer-term agreement in relation to the balance of its existing facility. However, there is no certainty as to the successful outcome of these discussions.

“A further update will be made as and when these discussions conclude.”

The news follows talks with banks McColl’s has been having since February in a bid to secure future survival.  As a result, Morrisons has drafted in city advisers as it considers options to support the financial struggles of its convenience store partner.

Last month, McColls boss Jonathan Miller stepped down from his role as chief executive and from the board.

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