Bestway to save 2000 jobs at collapsed drinks giant Conviviality plc

Bestway is set to acquire the retail arm of Conviviality plc following the drinks giant’s recent collapse.

The London-headquartered cash-and-carry wholesaler could save the jobs of almost 2,000 people through the seven-figure deal.

Bestway is reported by Sky News to have paid around £7.5m for Conviviality’s retail operation, which includes off license chain Bargain Booze.

In March, Crewe-based Conviviality found itself facing an unexpected tax bill of £30m and took steps to mitigate the impact of forking out the eight-figure sum.

| | ### Bargain Booze owner issues update on measures to settle imminent £30m tax bill | Drinks wholesaler Conviviality plc, owner of the Bargain Booze chain of off-licences, has issued an update on the measures it is taking to accommodate an unexpected £30m tax bill. | | Read More → |

But a last-ditch attempt to raise £125m from investors fell through due to “insufficient demand” and the company ended up in administration.

Bestway is now believed to be on the cusp of announcing its acquisition of the Bargain Booze, Wine Rack, Select Convenience and WS Retail businesses.

If it goes ahead, the agreement will save around 2,000 jobs. This is on top of the 2,000 already saved following Magners cider maker C&C’s acquisition of Conviviality’s Matthew Clark and Bibendum arms.

Professional services giant PwC is Conviviality’s appointed administrator.

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