Conviviality sells retail arm of business to wholesaler Bestway
Troubled drinks wholesaler Conviviality has sold the retail arm of its business, including Bargain Booze and Wine Rack, to Bestway.
The sale comes after the company formally entered administration at the end of last week following the announcement that drinks manufacturer and distributor C&C Group would acquire its wholesale arm.
Conviviality has said the sale of its retail arm to one of the UK's biggest food wholesalers for £7.25m will save approximately 2,300 jobs. The business includes more than 350 franchisees and 800 retail stores.
Conviviality called in administrators following two profit warnings in March and the discovery of an unexpected £30m tax bill that saw company shares on AIM suspended.
It became the UK's largest alcoholic drinks wholesaler following the purchase of Matthew Clark in 2015 and Bibendum in 2016, both of which have been purchased by C&C Group.
Conviviality's chief executive, Diana Hunter, stepped down with immediate effect last month.
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