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| Bargain Booze firm Conviviality close to administration | |
| (35 minutes later) | |
| Conviviality, the owner of Bargain Booze, has announced plans to file for administration within two weeks. | |
| The firm also owns Wine Rack and supplies more than 25,000 restaurants, hotels and bars. | The firm also owns Wine Rack and supplies more than 25,000 restaurants, hotels and bars. |
| It has issued profit warnings in recent weeks and revealed a £30m tax bill. The company sought £125m from investors but said it had been unable to raise those funds. | |
| Conviviality employs about 2,500 staff and their jobs are now in jeopardy. | |
| Earlier this month, the company slashed its profit forecast for this year to £55m from £70m. | |
| Just days after that profit warning, it revealed a £30m tax bill that had to be paid by the end of the month. | |
| Since then Conviviality has been trying to raise £125m to keep the business going, but on Wednesday it revealed those attempts had failed. | |
| In its latest update, the company said: "Unless circumstances change, and in accordance with statutory requirements, the Board intend to appoint administrators within 10 business days. | |
| "The secured creditors can, however, appoint administrators without the requirement for notice." | |
| Conviviality said it would continue to trade was exploring "a number of inbound enquiries regarding a potential sale of all or parts of the business". |