Conviviality doubles its profits

Crewe-based Conviviality, owner of Bargain Booze and Wine Rack, has more than doubled its full year profits to £22.5m.

The pre-tax profits for the 12 months to the end of April are a 147% increase on the £9.1m it made the previous year. It also almost doubled sales to £1.56bn. Net debt of £95.7m was comfortably below target.

During the year, the transformation of Conviviality from its foundations as a franchised off licence business into a drinks wholesaler and distributor has been further underpinned with the acquisition of Bibendum PLB Group on the May 20, 2016.

The integration of both Matthew Clark and Bibendum PLB Group is progressing well and the plan to deliver the stated synergies remains on track, Conviviality said.

Diana Hunter, chief executive of Conviviality, said: “The balance we have created across the enlarged group, and resilience this creates, gives us confidence in the future success of the business.

“Importantly the culture that we have created at Conviviality, with its entrepreneurial and innovative focus, remains true across the group and we firmly believe there is exciting potential for significant organic growth for our businesses, with further potential opportunities to build on the current platform.”