Bargain Booze and Wine Rack snapped up by Bestway in £7.5m deal
Bestway is preparing to snap up Conviviality’s retail chains - including Bargain Booze and Wine Rack – for £7.5 million, according to reports.
The wholesaler is understood to be set to purchase the two chains, as well as other Conviviality retail businesses Select Convenience and WS Retail. An official announcement is expected later on today.
If confirmed the £7.5 million deal will secure around 2,000 jobs, bringing the total number of jobs saved to approximately 4,000 following the purchase of Matthew Clark and Bibendum by Magners cider maker C&C, which was announced earlier this week.
Last week Conviviality announced plans to file for administration. The company’s wholesale division was bought by C&C through a pre-pack administration process, overseen by PwC. Conviviality had been attempting to raise £125 million to rescue the business after a profit warning last month and news of an unpaid £30 million tax bill, but it failed to raise the funds.
Bestway was founded in 1976 by billionaire Sir Anwar Pervez and it is now the UK's largest cash & carry wholesale operator.