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.

Thursday, 29th March 2018, 9:49 am
Updated Thursday, 29th March 2018, 10:25 am

Conviviality said it will continue trading over that period in the hope of preserving ‘as much value as possible’ for its stakeholders.

The discount store has three stores in Portsmouth - in North End, Cosham and Southsea.

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’.

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Bargain Booze in Elm Grove, Southsea. Picture: Google

‘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.

Bargain Booze in Elm Grove, Southsea. Picture: Google

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.