The Morrisons Daily format could transform the profitability of McColl’s. If it works the shares look very cheap. If it doesn't then the future looks grim.
Being a contrarian investor can be a lonely place. You tend to look for investments that most people would not touch with a bargepole. If you can spot a business that is currently unloved and in trouble but can turn itself around then the rewards can be great. The costs of getting your analysis wrong can mean a total loss of your money.