PUBLISHED: 11:47 29 March 2018 Duncan Brodie Alcohol supplier Conviviality is facing administration. Picture: Thinkstock Brunomsbarreto Alcohol supplier and retailer Conviviality plans to appoint administrators within the next 10 business days “unless circumstances change”, putting 2,500 jobs at risk. The company, which owns brands Wine Rack and Bargain Booze, said it will continue trading over that period in the hope of preserving “as much value as possible” for its stakeholders. It will keep working alongside advisers and said it is exploring “a number of inbound enquiries regarding a potential sale of all or parts of the business”. “Following discussions with its lending banks, the board has resolved to file notice of intention to appoint administrators to the company,” Conviviality said in a market announcement. “Unless circumstances change, and in accordance with statutory requirements, the board intend to appoint … [Read more...] about Alcohol seller Conviviality faces administration with 2,500 jobs at risk
Bargain Booze could go bust unless it can raise £125million, its owners have made clear. Conviviality, which owns the company, said in a stock exchange announcement that it was holding meetings with investors to raise £125million. It hopes that will help it pay a £30million tax bill due at the end of the month, fund overdue payments to creditors and repay a £30million loan. Thousands of jobs could be put at risk as the owner of Bargain Booze heads for administration, according to reports. PricewaterhouseCoopers are expected to be appointed administrators on Thursday, a source told Sky News. The news comes days after the firm confirmed that top boss Diana Hunter had left, and that it hoped to raised £125million from investors. A number of the off-licence's suppliers are believed to have left the company, which also supplies booze to pubs, making it almost impossible for bosses to raise the funds needed. Shares in the company, which also owns Wine Rack and the … [Read more...] about Bargain Booze ‘heading for administration’
More than 2,600 jobs are in jeopardy as Bargain Booze owner Conviviality prepares to call in administrators. The group, which runs more than 700 retail stores trading as Bargain Booze, Select Convenience and Wine Rack, said that “unless circumstances change” it plans to appoint administrators within the next 10 business days. It will continue trading over that period in the hope of preserving as much value as possible for its stakeholders and is also working alongside advisers as it explores “a number of inbound enquiries regarding a potential sale of all or parts of the business”. Recent weeks have seen chief executive Dianna Hunter step down after issuing a string of profit warnings and revealing a £30m tax bill. The firm was forced to try to tap up investors for £125m as a result, but it has been unable to convince them of its long-term future. The group said that secured creditors of the business can appoint administrators without notice. … [Read more...] about More than 2,600 jobs in jeopardy as Bargain Booze owner prepares for administration
The owner of Bargain Booze could be heading for administration after failing to secure emergency funding. More than 2,500 jobs are at risk as Conviviality, which owns the chain, saw its chief executive step down after a string of profit warnings and a £30million tax bill. There are branches in Bristol, Keynsham, Clevedon and Weston-super-Mare. Conviviality was forced to go cap in hand to investors to raise £125 million as a result, but it has been unable to convince them of its long-term future. A statement on Wednesday, March 28, read: "Despite a significant number of meetings with potential investors resulting in good levels of demand, and constructive discussions with a number of key customers and suppliers regarding the provision of support, there was ultimately insufficient demand to raise the full £125 million. "The board wish to thank its customers, suppliers and employees for their continued support during this difficult period for the company. "The company is in … [Read more...] about Bargain Booze could close as owner heads towards administration
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