Conviviality, the owner of Bargain Booze, has officially gone into administration.
Matthew Callaghan, Ian Green and David Baxendale of PricewaterhouseCoopers were appointed as joint administrators on Thursday, bringing to an end weeks of speculation that the company was on the edge of collapse, with up to 2,500 jobs at risk.
Earlier this week, Magners owner C&C said it planned to buy Conviviality brands Matthew Clark and Bibendum, which would save around 2,000 roles.
Meanwhile, the administrators said Conviviality “continues to engage with parties interested in its retail business, which continues to trade under the names of Bargain Booze, Bargain Booze Select Convenience and Wine Rack”.
However, experts said it may be difficult to find a buyer for the retail brands.
“Conviviality’s retail operations, Bargain Booze and Wine Rack, may not be attractive propositions for buyers,” said Michael Mulligan, partner and insolvency specialist at law firm, Shakespeare Martineau.
“Consumer spending is dropping and high street retailers are coming under increasing pressure from restrictive rents and rates.”
At the moment, Conviviality’s retail brands continue to trade as normal, with all staff currently employed at Bargain Booze, Central Convenience, Select Convenience and Wine Rack.
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