Conviviality Retail, owner of Bargain Booze and Wine Rack, is to appoint administrators in a dramatic reversal of fortune for a formerly strong stock-market performer.
In a statement to the stock market, the off-licence and drinks wholesaling group said the appointment would be made within the next 10 business days.
Conviviality Retail is to continue to trade while the company and its advisers examine a number of enquiries for a partial or whole sale of the business.
PwC is understood to have been lined up to advise on the group’s options after it failed to raise £125m from an emergency cash call and ahead of a £30m tax bill due today.
According to Sky News, more than 2,500 jobs could be at risk if the group goes into administration.
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