Conviviality PLC Proposed Sale of Business (1924K)
09 4월 2018 - 4:25PM
UK Regulatory
TIDMCVR
RNS Number : 1924K
Conviviality PLC
09 April 2018
9 April 2018
Conviviality Plc
("Conviviality" or the "Company")
Proposed Sale of Business
Conviviality Plc (AIM: CVR), announces that the business and
assets of the Conviviality Retail businesses have been sold to
Bestway Direct Limited, a national retailer and wholesaler of
grocery products. This sale secures continued employment for circa.
2,300 employees of the Conviviality Retail business and provides
continuity of trade for suppliers and franchisees.
Matthew Callaghan, Ian Green, and David Baxendale of
PricewaterhouseCoopers LLP have, late on Friday 6 April, been
appointed as joint administrators of each of the Wine Rack Limited
and Conviviality Retail Logistics Limited and Matthew Callaghan,
Ian Green and Peter Dickens of PricewaterhouseCoopers LLP have, at
the same time, been appointed as administrators of Bargain Booze
Limited. The administrators have effected a sale of the trade and
assets of the Conviviality Retail business undertaken by these
companies. The sale has been agreed further to receipt of many
expressions of interest in connection with an accelerated sale
process co-ordinated by PricewaterhouseCoopers LLP.
Bestway have paid GBP7,250,000 for certain of the business and
assets of the Conviviality Retail business.
Information on the Conviviality Retail businesses
Conviviality Retail is the UK's largest franchised off-licence
and convenience chain with over 350 franchisees and more than 800
retail stores trading primarily under the fascias of Bargain Booze,
Select Convenience, Wine Rack and Central Convenience, with a
distribution from 2 warehouses in Crewe and Newcastle under
Lyme.
In the latest audited accounts for the 52 weeks ended 30 April
2017, the Conviviality Retail businesses had gross revenues of
GBP378 million and adjusted EBITDA of GBP14.3 million (pre central
costs)(1) . Gross assets of the Retail business (including the
Central Convenience business acquired in December 2017) are
approximately GBP173 million, of which approximately GBP73 million
relates to intangible.
Information on Bestway
Bestway Group was founded in 1976 by Sir Anwar Pervez. It is the
UK's 8th largest privately-owned company and 5th largest
family-owned business. The Bestway Group includes: Bestway
Wholesale, the largest independent wholesaler in the UK; Best-one,
the franchise operator of over 1,113 convenience stores operating
under the Best-one fascia; Bestway Foodservice, offering a
nationwide one-stop solution for caterers and the licensed trade,
operating under the names Bestway Batleys Foodservice and Drinks
Express; Bestway Cement, the largest cement manufacturer in
Pakistan; United Bank Limited, the 2nd largest private bank in
Pakistan; and, Well Pharmacy, the 3rd largest pharmacy business in
the UK.
The Board consider that the offer from Bestway represents the
best outcome for franchisees, suppliers, customers and employees of
the Conviviality Retail business.
It is with regret that the Board notes that the companies are
not expected to have sufficient assets to satisfy all their
liabilities. PricewaterhouseCoopers will be in contact with
creditors of Wine Rack Limited, Bargain Booze Limited and
Conviviality Retail Logistics Limited. The Board also understand
that the realisations will be insufficient to provide any return to
shareholders.
The Board wish to thank its franchisees, customers, suppliers,
employees and banking syndicate for their continued support during
this difficult period.
Temporary Suspension of Trading on AIM
The shares of Conviviality Plc remain suspended pending further
notice.
(1) Conviviality Retail as extracted from the audited financial
statements of Conviviality Plc for the 12 months ended 30 April
2017, adjusted EBITDA is prior to allocation of group and central
overheads, interest, depreciation, amortisation and
exceptionals.
Enquiries:
FTI Consulting Tel: 020 3727 1000
Jonathon Brill / Georgina Goodhew / Fiona Walker
PricewaterhouseCoopers LLP Email: conviviality@uk.pwc.com
The information contained within this announcement is deemed by
the Company to constitute inside information stipulated under the
Market Abuse Regulation (EU) No. 596/2014. Upon the publication of
this announcement via the Regulatory Information Service, this
inside information is now considered to be in the public domain.
The person responsible for arranging release of this information on
behalf of the Company is Ciaran Stone, Group Head of Legal &
Company Secretary.
This information is provided by RNS
The company news service from the London Stock Exchange
END
DISUWARRWBASRUR
(END) Dow Jones Newswires
April 09, 2018 03:25 ET (07:25 GMT)
Conviviality (LSE:CVR)
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