C&C Group has swooped to acquired the wholesale businesses Matthew Clark and Bibendum from Conviviality, saving around 1900 jobs. Meanwhile the Wine Rack and Bargain Booze chains were up for sale but appointed a PwC team as administrators today, 5th April. This follows the announcement last week that administrators would be called in along with confirmation that CEO Diana Hunter had stepped down. There are 716 stores operated under the Bargain Booze and Wine Rack fascias as well as 370 franchisee operated outlets
Conviviality released the following statement “The board considers that the offer from C&C represents the best outcome for creditors, suppliers, customers and employees of the Conviviality Direct business. C&C have undertaken to provide substantial funding to the Conviviality Direct business to ensure creditors are paid and to address the cash flow constraints that have been encountered.”
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