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| Version 2 | Version 3 |
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| Bargain Booze owner could be sold after failing to raise funds | Bargain Booze owner could be sold after failing to raise funds |
| (about 2 hours later) | |
| Bargain Booze owner Conviviality could face administration after failing to secure emergency funding. | Bargain Booze owner Conviviality could face administration after failing to secure emergency funding. |
| The firm, which is also a major supplier to chains like Wetherspoons, has suffered a string of profit warnings in recent weeks and revealed a £30m tax bill. | The firm, which is also a major supplier to chains like Wetherspoons, has suffered a string of profit warnings in recent weeks and revealed a £30m tax bill. |
| It sought £125m from investors but said it had been unable to raise the cash. | It sought £125m from investors but said it had been unable to raise the cash. |
| It is now looking at other options, including a "potential sale of all or parts of the business". | It is now looking at other options, including a "potential sale of all or parts of the business". |
| If that fails, the company, which employs 2,500 staff, is unlikely to be able to continue trading. | |
| A statement from Convivialty read: "Despite a significant number of meetings with potential investors resulting in good levels of demand… there was ultimately insufficient demand to raise the full £125m. | A statement from Convivialty read: "Despite a significant number of meetings with potential investors resulting in good levels of demand… there was ultimately insufficient demand to raise the full £125m. |
| "The board wishes to thank its customers, suppliers and employees for their continued support during this difficult period for the company. | "The board wishes to thank its customers, suppliers and employees for their continued support during this difficult period for the company. |
| "The company is in discussions with its lending banks and advisers regarding other possible options and is in receipt of a number of inbound enquiries regarding a potential sale of all or parts of the business." | "The company is in discussions with its lending banks and advisers regarding other possible options and is in receipt of a number of inbound enquiries regarding a potential sale of all or parts of the business." |
| It is understood accountancy giant PwC is being lined up as administrator should a buyer not be found. | It is understood accountancy giant PwC is being lined up as administrator should a buyer not be found. |
| Conviviality - which also owns Wine Rack - supplies over 25,000 restaurants, hotels and bars, more than 700 franchised retail outlets, and over 400 independent specialists. | Conviviality - which also owns Wine Rack - supplies over 25,000 restaurants, hotels and bars, more than 700 franchised retail outlets, and over 400 independent specialists. |
| It also caters to festivals and events, as well as major supermarkets. | It also caters to festivals and events, as well as major supermarkets. |
| The firm's shares have been suspended since an unexpected tax bill, due to be paid by the end of March, left it low on short term funding. | The firm's shares have been suspended since an unexpected tax bill, due to be paid by the end of March, left it low on short term funding. |
| Last week, chief executive Diana Hunter stepped down with "immediate effect", with non-executive chairman David Adams stepping into the breach until further notice. | Last week, chief executive Diana Hunter stepped down with "immediate effect", with non-executive chairman David Adams stepping into the breach until further notice. |
| High Street woes | High Street woes |
| It comes amid a wider High Street slowdown that has seen a host of big businesses shut stores or go bust. | It comes amid a wider High Street slowdown that has seen a host of big businesses shut stores or go bust. |
| Since January, Toys R Us and electronics retailer Maplin have filed for administration, while fashion retailers New Look and Select have promised to close hundreds of stores. | Since January, Toys R Us and electronics retailer Maplin have filed for administration, while fashion retailers New Look and Select have promised to close hundreds of stores. |
| Restaurant chains Prezzo, Byron and Jamie's Italian are also shutting outlets and laying off staff. | Restaurant chains Prezzo, Byron and Jamie's Italian are also shutting outlets and laying off staff. |
| Retailers have been buffeted by higher overheads, changing consumer habits and the rise of online spending. | Retailers have been buffeted by higher overheads, changing consumer habits and the rise of online spending. |
| Many also embarked on debt-fuelled expansions that left them dangerously exposed. | Many also embarked on debt-fuelled expansions that left them dangerously exposed. |