Bargain Booze in talks over mega-deal
THE parent company of the Bargain Booze chain is in talks to buy an £800m turnover beer, win and spirits wholesaler.
In what would be a transformational deal for Crewe-based AIM-listed Conviviality Retail, which has annual sales of around £400m, the group is in talks on a reverse takeover for Matthew Clark (Holdings).
In a statement to the stock market, Conviviality said it is participating in a “managed sale process in respect of Matthew Clark (Holdings)Limited which, if successful, would constitute a Reverse Takeover under the AIM Rules.”
Shares in the company have been suspended.
Matthew Clark is based in Bristol and is co-owned by brewing giant Punch Taverns and Accolade Wines and supplies retailers, as well as pubs and restaurants and hotels.
Since floating in late 2013, Conviviality has made a number of acquisitions, including the Rhythm & Booze chain and most recently a £6m deal for GT News (Holdings) an leading independent convenience retailer with 37 stores largely in the East Midlands and Yorkshire.