Thu, 08 Mar 2018 | ADMINISTRATION
After issuing a profit warning in March of this year, off-licence retailer Conviviality has officially announced that Matthew Callaghan, Ian Green and David Baxendale of PricewaterhouseCoopers (PwC) have been appointed to act as administrators.
The news comes just days after the company confirmed the sale of its alcohol wholesale arm, Matthew Clark and Bibendum, to Magners owner C&C Group, thanks in part to the additional financial support reportedly provided by AB InBev.
However, Conviviality has confirmed that a buyer is yet to be found for its retail division, including well-known high street brands Bargain Booze and Wine Rack.
Following the firm's initial profit warning and announcement of an unexpected £30 million tax bill, the firm initially hoped to raise the necessary funds of £125 million to ensure its continued trading and the security of the company's staff.
Thankfully, the successful sale of the wholesale division to C&C has achieved the latter, saving almost 2,000 jobs losses across the group, as well as preventing the collapse of its supply network and encuring all creditors of the Conviviality Direct business are fully paid for their services.
The group has also confirmed that only Conviviality Brands Ltd and Conviviality Plc have fallen into administration, with all other branches of the company continuing to trade. Additionally, the firm will reportedly continue to work alongside PwC to explore any possible business sale opportunities that may arise in the near future.
The firm confirmed in a statement: "The company continues to engage with parties interested in its retail business, which trades under the names of Bargain Booze, Bargain Booze Select Convenience, Wine Rack and Central Convenience."
An exciting opportunity to acquire a versatile newsagents with an integrated Post Office, available on either a freehold or leasehold basis.
FREEHOLD
Represents an opportunity for an acquirer seeking a retail outlet entailing a grocery, bakery and a busy off licence.
LEASEHOLD
Opportunity to acquire a well-established provider of ongoing plant displays to commercial clients in London, with a strong reputation built over two decades.
WORK FROM HOME
Please choose your settings for this site below. For more information please read our Cookie Policy
These cookies are necessary for our website to function properly and provide you with access to all features.
These are analytics cookies that help us to improve the way our website works.
These are used to improve the functional performance of the website and make it easier for you to use.