Bargain Booze owner Conviviality ‘close to falling into administration’ putting 2,600 jobs at risk
The firm behind the chain of off-licences is expected to make an announcement later today
THE owners of British off-licence chain Bargain Booze is close to administration, putting more than 2,500 jobs at risk.
Conviviality - the firm behind the chain - is expected to make an announcement on Wednesday, according to .
The company employs 2,600 people and supplies more than 700 off licences, and 23,000 pubs and restaurants.
Conviviality also owns booze chain Wine Rack and drinks wholesaler Matthew Clark, and according to reports, they play a big part in the UK's drinks industry.
It revealed the poor state of its finances last month after it told investors it was facing a £30million tax bill.
Conviviality has failed to raise the £135million needed to save the business.
PricewaterhouseCoopers are expected to be appointed administrators on Thursday, a source told Sky News.
The news comes days after the firm confirmed that top boss Diana Hunter had left, and that it hoped to raised £125million from investors.
A number of the off-licence's suppliers are believed to have left the company, which also supplies booze to pubs, making it almost impossible for bosses to raise the funds needed.
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If the company does file for administration, it will be the latest in a string of retailers who have struggled to keep their finances afloat.
Toys R Us announced that it is closing all 106 of its UK stores putting 3,000 jobs at risk.
Electrical retailer Maplin also filed for administration putting another 2,500 people out of work.
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