Drinks giant Conviviality plans to call in administrators, putting 2,600 jobs on line
Conviviality, parent company of off-licence Bargain Booze, plans to appoint administrators within the next 10 days "unless circumstances change", putting 2,600 jobs at risk.
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The company said that it will continue trading over that period in the hope of preserving "as much value as possible" for its stakeholders.
It will keep working alongside advisers and said it is exploring "a number of inbound inquiries regarding a potential sale of all or parts of the business".
The company is understood to be lining up PwC to lead the process. The move puts thousands of jobs at risk, as Conviviality employs over 2,630 people and has more than 700 retail stores trading primarily as Bargain Booze, Select Convenience and Wine Rack. "Following discussions with its lending banks, the board has resolved to file notice of intention to appoint administrators to the company," Conviviality said in an update.
"Unless circumstances change, and in accordance with statutory requirements, the board intend to appoint administrators within 10 business days," it added.