Administrators appointed to run Conviviality
Troubled drinks wholesaler Conviviality has formally gone into administration after the group failed to raise £125m to save the business.
PwC has been appointed to administer Conviviality Plc and Conviviality Brands Limited. No other companies in the group are in administration and continue to trade.
On Wednesday it was announced that drinks manufacturer and distributor C&C Group had acquired the wholesale arm of Conviviality, including the Matthew Clark and Bibendum brands. The retail element of the business is now set to be sold.
An update posted on the London Stock Exchange said: "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."
Conviviality announced last week it would call in administrators following two rofit warnings in March and the discovery of an unexpected £30m tax bill that saw company shares on AIM suspended.
The company became the UK's largest alcoholic drinks wholesaler following the purchase of Matthew Clark in 2015 and Bibendum in 2016.
Its chief executive, Diana Hunter, stepped down with immediate effect last month.
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