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Hunter - who has been at the helm since 2013 - will be replaced by Non-Executive Chairman David Adams, who will become executive chairman until "further notice", Conviviality explained. Hunter will, however, remain at the firm for a period of time to provide "transition support".
"The company is continuing to engage with stakeholders as set out in the announcement of Friday 16 March and will provide a further update in due course," Conviviality added.
The news comes after Conviviality said on Friday it was considering the "possibility of an equity fundraise to effect a recapitalisation of the business" as it deals with an overlooked
This followed Conviviality cancelling its proposed
The
On Friday, there were media reports Hunter was set to lose her job at the Bargain Booze and Wine rack-owner in return for institutional investors providing a
"This is a fundamentally good business, and there's plenty of appetite to back it - but at the right price," one investor told Sky News.
Sky News added the fundraising was likely to come through a share placing as opposed to a rights issue and may exceed
Sources told Sky News that on Friday Conviviality's lenders - Barclays PLC, HSBC Holdings PLC and Royal Bank of Scotland PLC - had been asked to provide bridging funding to allow the company to continue until it had raised the additional capital.
https://news.sky.com/story/last-orders-for-bargain-booze-boss-11292840
