Struggling convenience store business McColl's, which has three shops in Pembrokeshire, looks set to be saved by a supermarket giant buy-out.

The chain has been placed into administration, but in a last-ditch deal, Asda is reorted to be to buying McColl's out in a deal which could be sealed by Monday, according to Reuters. 

The deal will keep on all McColl's stores and staff with higher pay for many, but will not include its pension scheme, they said.

McColl's runs 1,100 stores, including convenience outlets under its own name and Morrisons Daily, as well as Martin's newsagents. Around 6,000 of its staff are full-time.

In Pembrokeshire, these are are Upper Lamphey Road, Pembroke; High Street, Neyland and New Hedges - the latter which has recently been re-branded as a Morrisons Daily. 

Western Telegraph: Thousands of jobs are at risk. (PA)Thousands of jobs are at risk. (PA)

Earlier in the week, the retailer shared a statement that they desired themselves as "the UK's leading community retailer" they said, "the group remains in discussions regarding potential financing solutions for the business to resolve short-term funding issues and create a stable platform for the business going forward."

Adding that "whilst no decision has yet been made, McColl’s confirms that unless an alternative solution can be agreed in the short term, it is increasingly likely that the group would be placed into administration with the objective of achieving a sale of the group to a third-party purchaser and securing the interests of creditors and employees."

The spokesperson further said that an update will only be made "as and when appropriate".

Earlier this week, it was revealed the group was set to have its shares suspended from the London Stock Exchange as bosses said they would be unable to get its accounts signed off by auditors in time.

Shares in the company had already plunged as it reported last month that talks with its lenders and banks would likely leave shareholders empty-handed under rescue efforts.