March 29, 2018 / 6:24 AM / 6 months ago

UK drinks wholesaler Conviviality close to administration

LONDON, March 29 (Reuters) - British drinks wholesaler Conviviality said on Thursday it was likely to appoint administrators to the business within two weeks, putting around 2,600 jobs at risk.

The group, Britain’s largest franchised off-licence and convenience chain which operates more than 700 stores under the Bargain Booze and Wine Rack brands, has failed to raise 125 million pounds ($176 million) in an emergency cash call.

“Unless circumstances change, and in accordance with statutory requirements, the board intend to appoint administrators within 10 business days,” it said.

Conviviality said it would continue to trade and was exploring several enquiries regarding a potential sale of all or parts of the business. ($1 = 0.7099 pounds) (Reporting by James Davey; editing by Kate Holton)

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