Jobs saved as Bargain Booze owner sells retail division for £7m

Conviviality’s retail division was sold to the food wholesaler Bestway late on Friday night.

Administrators PricewaterhouseCoopers (PwC) said the deal – which sees Bestway take control of Bargain Booze, Wine Rack, Select Convenience and WS Retail – was completed at 11.56pm.

There are Bargain Booze shops in Elm Grove in Southsea, Spur Road in Cosham and London Road in North End.

Joint administrator Matthew Callaghan, partner at PwC, said: ‘This deal safeguards the jobs of more than 2,000 employees, ensures franchisees have the ability to continue to trade and creates some much-needed stability.

‘Alongside the sale of Conviviality’s Direct business earlier this week, the total number of staff whose jobs have been protected stands at more than 4,000.’

Conviviality confirmed its intention to appoint administrators last week after a string of profit warnings and the discovery of a £30m tax bill.