Conviviality raises a glass to revenue of £252m
THE revenue of Conviviality Retail, owner of Bargain Booze and Wine Rack has enjoyed a rapid benefit from its recent acquisition of drinks distributor Matthew Clark.
In its tradition update for the 27 weeks to November 1, the Crewe-based AIM company said turnover was 38% ahead of last year at £252m, which includes revenues from Matthew Clark since the acquisition on October 7, and 4.4% higher excluding the impact of the takeover.
Conviviality Retail, which operates the franchised and company owned stores, generated revenues of £191m with sales for the corresponding period up 0.4%.
Like for like store revenue has improved slightly to -1.3% (FY2015 H1 and FY2015: -1.7%) and Wine Rack continues to perform well with like for like sales up 5.3%. The store opening pipeline is strong for the remainder of the year.
Matthew Clark, which supplies 17,000 hotels, bars, restaurants and venues, generated revenues of £61m from October 7 to November 1 compared to £59m in the same period last year. Revenues in the 27 weeks to November 1 are 4.0% above the same period last year.
Conviviality chief executive Diana Hunter said: “We have had a transformational first half of the year which culminated in the successful acquisition of Matthew Clark.
“It is still early days in our ownership of this business. However the integration is progressing well and we are pleased to have gained such a passionate and talented team.
“Our franchisee and retail business has also had a strong start to the year and we will continue to help our franchisees grow their businesses while also working to attract new franchisees to the Group.”
