Administrators have been called in at Conviviality
Troubled Cheshire company Conviviality has announced that it has called in the administrators.
The firm managed to agree a deal for the wholesale side of its business just 12 hours earlier.
Irish based C&C bought Matthew Clark and Bibendum for a nominal amount.
Conviviality supplies around 23,000 pubs and restaurants across the UK including the JD Wetherspoon chain.
It also employs 2,600 staff many of them at its retail outlets across the UK.
The firm announced last week it was planning to go into administration after failing to raise the capital needed to keep it afloat.
And it has confirmed the news with a statement on the London Stock Exchange.
The statement said: “Conviviality announces that, further to the Company’s announcement on 29 March 2018, the Company has today appointed Matthew Callaghan, Ian Green and David Baxendale of PricewaterhouseCoopers as joint administrators to Conviviality.
“Companies now in administration are Conviviality Plc and Conviviality Brands Limited. No other companies in the group have had administrators appointed and such other companies continue to trade.
“The Company continues to engage with parties interested in its retail business, which trades under the names of Bargain Booze, Bargain Booze Select Convenience, Wine Rack and Central Convenience.
“PricewaterhouseCoopers will provide further updates in due course.”
Conviviality said last Thursday it intended to place itself in administration within 10 working days after failing to raise the £125m needed to keep the company afloat.
The move came after a string of profit warnings and the revelation that the company owed HMRC £30m.
The news comes just weeks after the collapse of Toys R Us and Maplin.
