Matthew Clark and Bibendum owner Conviviality faces bankruptcy

Matthew Clark and Bibendum owner Conviviality is facing bankruptcy, according to the latest news reports.

In a statement to the stock market, Conviviality said investors had refused its request for £125 million of emergency funds, which it needs to continue trading after a string of profit warnings and a £30 million unpaid tax bill.

Directors are seeking a buyer for all or part of the business, which includes Bargain Booze and Wine Rack retail chains. Conviviality’s wholesale business also supplies thousands of pubs and restaurants, including Mitchells & Butlers and JD Wetherspoon.

If the company falls into administration, more than 2,500 jobs will be at risk. PricewaterhouseCoopers is likely to be appointed as administrator.

Tel: Conviviality (0845) 263 6924

Published Date: March 29, 2018
Category: Wholesale Industry News