Home
Distressed Businesses
  • All Distressed Businessess
  • Administrations
  • Liquidations
  • Winding Up
  • Insolvency Advice  New
Buy a Business
  • All Businesses for Sale
  • Find a Business for Sale
  • Raising Business Finance
  • Buyer Acquisition Service   New
  • Escrow Service   New
Sell a Business
  • Sell Your Business
  • List your Business
  • Seller Accounts
  • Need Help Selling?
  • Help With Finance New
  • Corporate Services  New
  • Business Valuation
  • Business Wanted Adverts
Insights & News
  • View All News
  • View All Insights
  • Exclusive Insights New
  • Video Insights
Lens
  • Search all UK Companies  New
Log in
Join Now

Home / News / Bargain Booze owner Conviviality to file for administration

Bargain Booze owner Conviviality to file for administration

Thu, 29 Mar 2018 | ADMINISTRATION

The firm that owns several discount alcohol shops – including Bargain Booze and Wine Rack – has announced that it will file for administration in the next two weeks, after dwindling revenues have put it in a precarious position.

Conviviality, which also supplies alcohol to more than 25,000 restaurants, hotels and bars, had already issued profit warnings in recent weeks and revealed that it had an outstanding £30 million tax bill due to HMRC by the end of the month.

Not long later, the company slashed its earnings forecast for the year from £70 million to £55 million.
These troubles also led to the resignation of chief executive Diana Hunter, at the head of the firm since 2013 when Conviviality listed on the London Stock Exchange.

The firm since said it will seek to raise £125 million from a placing of new shares, but announced this week that efforts to raise the extra cash were unsuccessful despite widespread support from the industry. Companies such as brewing giant AB InBev encouraged its own shareholders to back the fundraising, underlining the firm’s importance as a distribution channel.

Conviviality supplies drinks to more than 700 off licenses around the country, alongside 23,000 pubs and restaurants, employing more than 2,600 people to do so. All employees’ jobs are thought to be at risk.

Reports from inside the industry suggest that Conviviality will announce that PricewaterhouseCoopers has been appointed as administrator some time this week.

The alcohol supplier joins a long list of British retail firms going into administration, after the collapse earlier this year of Toys R Us UK and Maplin.


Share this article



Latest Businesses for Sale

Specialist Support Services For Adults
East Midlands, UK

The company provides person-centred support, progression and community integration, helping clients gain skills for living, employment and social skills.

Asking Price: Offers Invited
Turnover: £969,000

LEASEHOLD


Market Leading TV Shopping Channel
UK Wide

Highly successful business operating over a span of six years. Offers a comprehensive range of high-quality products and has successfully launched stock for over 400 suppliers.

Asking Price: Offers Invited
Turnover: £18,800,000

FREEHOLD


Provider Of Roofing And Building Services
Scotland, UK

Offers an extensive range of roofing and building services, ranging from minor works to major, multi-trade construction projects.

Asking Price: Offers Invited
Turnover: £510,000

LEASEHOLD



View more businesses for sale

News Search

Latest News

 
26
 
Feb
 

Hanson-owned brickwork contractor closes down | BUSINESS NEWS

Brickwork firm Irvine-Whitlock, a subsidiary of building mat...

 
25
 
Feb
 

Fairstone secures further backing from PE firm TA Associates | BUSINESS NEWS

Acquisitive wealth management firm Fairstone Financial Manag...

 
24
 
Feb
 

Nestlé acquires recipe kit firm SimplyCook | BUSINESS SALE

Nestlé has strengthened its position in the e-commerc...

Free guide: 10 Biggest Buyer Mistakes

Sign up to receive our acquisition alert emails to get your FREE guide

Email


Related News

 
20
 
Mar
 

Carpetright 'could close stores' amid insolvency concerns | BUSINESS NEWS

High street carpet giant Carpetright has revealed it could c...

 
08
 
Mar
 

Off-licence retailer Conviviality officially falls into administration | ADMINISTRATION

After issuing a profit warning in March of this year, off-li...

 
01
 
Nov
 

Bargain Booze owner sees results from acquisition hat-trick | BUSINESS NEWS

Conviviality PLC, the independent drinks wholesaling group w...

Want access to the latest businesses for sale?

Business Sale Report is your complete solution to finding great acquisition opportunities.

Join today to receive:

  • Comprehensive range of businesses for sale
  • Make direct contact with business sellers or their intermediaries
  • Access to all UK administrations, liquidations and winding-up petitions
  • Daily email alerts for the latest businesses for sale & distressed notifications
  • Business Sale Report publication posted to you every month
  • Advertise your acquisition requirements on our "business wanted" section

All this and much more, including the latest M&A news and exclusive resources

Become a Member

News Categories

  • - Business Sale
  • - Division Sale
  • - Administration
  • - MBO/MBI
  • - Merger
  • - Commercial Property

View all news


About Us

Business Sale Report is the UK's leading independent business for sale & distressed business listing service. Established in 1995, the report offers an up-to-the-minute, comprehensive overview of businesses for sale, latest distressed business listings and daily acquisition news.

Our Services

Businesses for Sale
Distressed Companies
List a Business
Help with Finance
Buyer Acquisition Service
Small Businesses for Sale

Company

About Us
Insights
News
FAQs
Reviews
Terms & Conditions
Privacy Policy

Get In Touch

020 8875 0200
[email protected]
167 Oakhill Road, London, SW15 2QW
Working hours: Mon-Fri, 9am - 5:30pm


Sign up to our free newsletter



© 1995-2021. Business Sale Report Ltd. All rights reserved. www.business-sale.com.