Conviviality sells wholesale arm to C&C

The struggling owner of Bargain Booze has sold its wholesale brands ‘Matthew Clark’ and ‘Bibendum’ to the Dublin based drinks manufacturer C&C Group plc.

In what is known as a pre-pack administration, C&C has paid a nominal sum for the entire issued share capital of Matthew Clark (Holdings) Limited and Bibendum PLB (Topco) Limited.

C&C has also committed to “provide sufficient funds to support the on-going working capital and other cash requirements of the business”.

The sale will safeguard more than 1,800 jobs, but analysts say that Conviviality is far from out of the woods. It remains to be seen whether a buyer can be found for their retail arm, which comprises the Bargain Booze and Wine Rack chains.

Update 7 April:

Conviviality have now sold their retail arm to Bestway.