Conviviality agrees new funding facility

NEWLY-listed off licence and convenience store operator Conviviality Retail, whose brands include Bargain Booze, has agreed new funding facilities.

The Crewe company, which raised £64m when it floated on AIM on July 31 said the facilities with incumbent funder Royal Bank of Scotland would support its working capital requirements.

The working capital facilities are split between the Manchester-based teams at RBS Corporate & Institutional Banking and RBS Invoice Finance.

Peter Hodgson, finance director of Conviviality, said: “The IPO marks the start of an exciting new chapter for Conviviality Retail and its franchisees, and provides a solid platform from which we aim to deliver our franchise growth aspirations.

“In this respect we are delighted to have concluded the banking deal at the same time, which plays a key part in supporting this overall strategy.”

Ian Sheppard, relationship director at RBS Corporate & Institutional Banking, added: “Conviviality Retail has performed impressively in challenging market conditions, and the IPO further equips Conviviality and its franchisees to grow together in the future.  We are excited to be part of that growth strategy, and look forward to further strengthening our relationship as it is delivered.”