"Despite a significant number of meetings with potential investors resulting in good levels of demand, and constructive discussions with a number of key customers and suppliers regarding the provision of support, there was ultimately insufficient demand to raise the full
The company had said it was in discussions with its lending banks and advisors regarding other possible options, and is in receipt of "a number of inbound enquiries" regarding a potential sale of all or parts the business, and it said Thursday this is still the case.
Conviviality added on Wednesday it believed shareholders in the company will receive "little-to-nil" value. Shares in Conviviality remain suspended.
Wednesday's announcement came after the company last week said it continues to have constructive discussions with lenders and with HM Revenues and Customs regarding a
The
Earlier in March, Chief Executive Diana Hunter stepped down from the alcohol wholesaler, which owns Bargain Booze. It had previously cancelled its interim dividend, having before that said it expected earnings before interest, tax, depreciation, and amortisation to be 20% below market expectations for its year ending April 29, one of several profit warnings in recent months.
