2,500 jobs at risk as Bargain Booze parent company set to go into administration
The owner of Bargain Booze is planning to appoint administrators within the next 10 business days ‘unless circumstances change’, putting 2,500 jobs at risk.
Conviviality said it will continue trading over that period in the hope of preserving ‘as much value as possible’ for its stakeholders.
The company will keep working alongside advisers and said it is exploring ‘a number of inbound enquiries regarding a potential sale of all or parts of the business’.
‘Following discussions with its lending banks, the board has resolved to file notice of intention to appoint administrators to the company,’ Conviviality said in a market announcement.
‘Unless circumstances change, and in accordance with statutory requirements, the board intend to appoint administrators within 10 business days.’
The company’s collapse would cap a nightmare quarter for the retail sector. Since January, Toys R Us and Maplin have filed for administration, while fashion retailers such as New Look and Select have embarked on radical store closure programmes.
Piling on the misery has been the under-pressure casual dining sector, with Prezzo, Byron and Jamie’s Italian all shutting restaurants and culling hundreds of jobs.
A version of this story originally appeared on the Portsmouth News site