Conviviality Retail to acquire 26 stores

Conviviality Retail, an AIM-listed franchised off-licence chain, has agreed to acquire 26 stores from a subsidiary of Bibby Retail Services.Conviviality paid a total consideration of £1.7m in cash, of which £0.2m is deferred, mostly in Yorkshire and the North East and currently operate under the Rhythm & Booze brand.Conviviality intends to retain all store staff and rebrand the stores under the Conviviality name.The group said it believes that the purchase of the stores "opens up some key regions in which the company does not currently have a presence" and will offer "great" locations to franchisees. In time it plans to consider transferring the stores to its franchise model, it added. NR