Bargain Booze heading for administration according to reports

According to Sky News up to 2,600 jobs are at risk as the owner of Bargain Booze heads for administration.

Conviviality Retail, the UK’s largest franchised off-licence and convenience chain owns Bargain Booze, they have failed in a bid to raise £135m to save the company from administration.

The development is likely to lead to PricewaterhouseCoopers being appointed as administrator on Thursday, according to Sky News.

The report goes onto to say:

‘It comes just days after Conviviality confirmed the departure of Diana Hunter, its chief executive, and said it would seek to raise £125m from investors through a placing of new shares.

A number of suppliers are understood to have deserted the company, which supplies drinks to thousands of pubs, undermining Investec’s efforts to raise the new funding.’

Bargain Booze has shops in Shotton, Buckley, Mold and Holywell.