Bargain Booze comes out of administration with sale of parent company
The future of alcohol retailer Bargain Booze became a bit more stable after the sale of the chain’s owners Conviviality Plc was recently completed.
Bargain Booze is a national chain of primarily franchised off-licences, with 452 outlets across the UK, and has a number of stores within Warwickshire, including one in Kineton.
On 4 April PwC were appointed as joint administrators of Conviviality Brands Limited, which includes Wine Rack, Bargain Booze Select Convenience and WS Retail (trading as Central Convenience Stores) brands along with Bargain Booze.
Within a few days as of late Friday 6 April the administrators completed a sale of the business and assets of the Conviviality retail business to Bestway Direct Limited. The sale brings the businesses out of administration.
Matthew Callaghan, partner at PwC, said: “This deal safeguards the jobs of more than 2,000 employees, ensures franchisees have the ability to continue to trade and creates some much-needed stability for business customers and the sector in general.
“Alongside the sale of Conviviality's Direct business earlier this week, the total number of staff whose jobs have been protected stands at more than 4,000.”