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  3. Conviviality Retail Share Price
  4. Conviviality Retail Share News
  5. Conviviality Retail jumps on Matthew Clark acquisition

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Conviviality Retail jumps on Matthew Clark acquisition

Tue, 08th Sep 2015 09:19

(ShareCast News) - Shares in Conviviality Retail jumped over 20% early on Tuesday, after the off-licence and convenience store chain announced a deal to acquire drinks supplier Matthew Clark (Holdings) for £200m.Conviviality said it expects the deal to be concluded early next month, adding it will conduct a placing, comprising of 86.6m new shares at 150p each, to raise approximately £130.0m, with the remaining funds provided by the company's new-debt facility.Matthew Clark, which posted revenue of £811.2m in the 12 months to 28 February, is a 50/50 joint venture between Punch Taverns and Accolade Wines-owned Hertford Cellars.The London-listed group said it will pay £100.7m to Punch for its 50% stake in Matthew Clark, with the remaining balance being paid for the other 50% stake held by Hertford Cellars.Conviviality said the acquisition will "create a major UK drinks wholesaler with combined annual sales of over £1.10bn, adding it expects the deal to be "earnings enhancing" within the first year of ownership."We are pleased to have reached agreement on the acquisition of Matthew Clark as this will accelerate our strategy of expanding our wholesaling expertise into new markets and channels," said Diana Hunter, chief executive of Conviviality.Punch Taverns said it expects to make approximately £98.7m in net cash proceeds, which will improve the company's "financial flexibility to pursue its strategic objectives", adding it has agreed to enter a 10 year non-exclusive drinks supply contract with Matthew Clark Wholesale upon completion of the deal.The agreement will see the latter supply selected wines and spirits drinks products to Punch Taverns at pre-agreed prices."We are pleased to have agreed the disposal of our investment in Matthew Clark and at a significant premium to our current book value," said Punch chief executive Duncan Garood."The sale of a non-core business will enhance our financial flexibility to pursue our strategic objectives for our core activities."Conviviality shares were up 20.90% to 187.40p at 0944 BST on Tuesday.
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4 Apr 2018 15:25

C&C Group Finalises Takeover Of Conviviality Businesses

LONDON (Alliance News) - Irish drinks firm C&C Group PLC said Wednesday it has completed the purchase of Matthew Clark (Holdings) Ltd and Bibendum PLB (Topco) Ltd from it

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4 Apr 2018 14:22

Ex-Conviviality CEO Hunter Leaves Downing Strategic Non-Exec Role

LONDON (Alliance News) - Downing Strategic Micro-Cap Investment Trust PLC said on Wednesday Non-Executive Director Diana Hunter, former chief executive of Conviviality PLC, in

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4 Apr 2018 10:52

UPDATE: Conviviality Confirms Matthew Clark Sale Talks With C&C Group

LONDON (Alliance News) - Alcohol distributor Conviviality PLC on Wednesday confirmed that it is in talks with C&C Group PLC over sale of unit Matthew Clark company also it

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29 Mar 2018 09:53

Conviviality To Bring In Administrators After Failing To Secure Funds

LONDON (Alliance News) - Conviviality PLC on Thursday said it is to appoint administrators within 10 business days, a day after failing to secure GBP125.0 it needed to

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28 Mar 2018 18:08

Conviviality Fails To Raise GBP125 Million Needed To Recapitalise

LONDON (Alliance News) - Troubled alcoholic drinks wholesaler Conviviality PLC said on Wednesday it has failed to raised the full GBP125.0 million needed to the

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21 Mar 2018 18:30

Conviviality To Raise GBP125 Million, Again Lowers Earnings Estimates (ALLISS)

LONDON (Alliance News) - Conviviality PLC late Wednesday lowered its earnings expectations for a second time and said that it intends to raise GBP125 million it

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19 Mar 2018 12:58

Conviviality Boss Steps Aside Amid Cash Call For Surprise Tax Bill

LONDON (Alliance News) - Conviviality PLC said Monday that Chief Executive Officer Diana Hunter has stepped down from the troubled alcohol wholesaler as it continues to deal -

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16 Mar 2018 11:36

Conviviality Considers Equity Raise To Fund GBP30 Million Tax Bill (ALLISS)

LONDON (Alliance News) - Conviviality PLC said Friday it was considering an equity fundraise to help fund its GBP30 million tax bill overlooked after an as it a

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14 Mar 2018 17:30

UPDATE: Conviviality Cancels Interim Dividend To Resolve Funding Issue

LONDON (Alliance News) - Conviviality PLC late Wednesday said that it will cancel its interim dividend to resolve its short term funding requirements.The company said a

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14 Mar 2018 10:50

Conviviality Suspends Shares As Seeks Possible Funding To Pay Tax Bill

LONDON (Alliance News) - Shares in Conviviality PLC were suspended from trading Wednesday as it considers its funding requirements in order to pay an unexpected tax bill which

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9 Mar 2018 14:13

DIRECTOR DEALINGS: Conviviality Chief Financial Officer Buys Shares

LONDON (Alliance News) - Alcohol distributor Conviviality PLC said that Chief Financial Officer Mark Moran bought shares in company in transaction on Friday.Moran at at

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9 Mar 2018 12:41

DIRECTOR DEALINGS: Conviviality Chief Executive Officer Buys Shares

LONDON (Alliance News) - Conviviality PLC said that Chief Executive Officer Diana Hunter bought shares in the alcohol distributor on Friday.Hunter purchased 44,176 at

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9 Mar 2018 10:40

WINNERS & LOSERS SUMMARY: RM2 Jumps As It Sees Positive 2019 Earnings

LONDON (Alliance News) - The following stocks are the leading risers and fallers within the main London indices on Friday.----------FTSE 100 - WINNERS----------Anglo American, up the

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8 Mar 2018 15:37

Conviviality Shares Fall As Earnings Set To Be Below Expectations

LONDON (Alliance News) - Shares fell in Conviviality PLC on Thursday as it said it expects earnings for its current year to be below market expectations.Shares in the a

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3 Feb 2017 16:01

DIRECTOR DEALINGS: Conviviality Chairman Buys 10,000 Shares

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