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."
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