“This sale secures continued employment for circa. 2,300 employees of the Conviviality Retail business and provides continuity of trade for suppliers and franchisees.”
“This sale secures continued employment for circa 2,300 employees of the Conviviality Retail business and provides continuity of trade for suppliers and franchisees,” said the company in a statement.
The retail business of Conviviality include off-licence chain Bargain Booze, Select Convenience, Wine Rack and Central Convenience. It is the UK’s largest franchised off-licence and convenience chain with over 350 franchisees and more than 800 retail stores.
Its wholesale business was acquired by Irish drinks major C&C Group on April 4. More than 2,000 staff were transferred to C&C as part of the deal.
Matthew Callaghan, one of the administrators and partner at PwC said: “The deal announced today safeguards the jobs of more than 2,000 employees, ensures franchisees have the ability to continue to trade and creates some much-needed stability for business customers and the sector in general.
“Alongside the sale of Conviviality plc’s direct business earlier this week, the total number of staff whose jobs have been protected stands at more than 4,000.”
Conviviality had on March 29 decided to file for administration after its equity fundraising plan for £125 million didn’t yield intended results. The company was facing a £30 million tax bill, due to an “arithmetic error” made in its expected profit.
Shares in Conviviality remain suspended from trading in London.
The incident occurred on the same day Labour leader Sir Keir Starmer addressed the audience at London Tech WeekGetty Images
