5 Apr 2018 11:11
5 April 2018
Conviviality Plc
("Conviviality" or the "Company")
Appointment of Administrators/Nomad resignation
Conviviality Plc (AIM: CVR), announces that, further to the Company's announcement on 29 March 2018, the Company has today appointed Matthew Callaghan, Ian Green and David Baxendale of PricewaterhouseCoopers LLP as joint administrators to Conviviality Plc.
Companies now in administration are Conviviality Plc and Conviviality Brands Limited. No other companies in the group have had administrators appointed and such other companies continue to trade.
The Company continues to engage with parties interested in its retail business, which trades under the names of Bargain Booze, Bargain Booze Select Convenience, Wine Rack and Central Convenience.
PricewaterhouseCoopers will provide further updates in due course.
Furthermore, with mutual agreement of the Board, Investec Bank plc has resigned as Nominated Adviser and Broker to the Company with immediate effect. Pursuant to AIM Rule 1, if a replacement Nominated Adviser is not appointed within one month, the admission of the Company's securities will be cancelled on AIM. The Company has no current intention of appointing a replacement Nominated Adviser.
Temporary Suspension of Trading on AIM
The shares of Conviviality Plc remain suspended pending further notice.
Enquiries:
FTI Consulting Tel: 020 3727 1000Jonathon Brill / Georgina Goodhew / Fiona Walker
PricewaterhouseCoopers LLP Email: conviviality@uk.pwc.com
The information contained within this announcement is deemed by the Company to constitute inside information stipulated under the Market Abuse Regulation (EU) No. 596/2014. Upon the publication of this announcement via the Regulatory Information Service, this inside information is now considered to be in the public domain. The person responsible for arranging release of this information on behalf of the Company is Ciaran Stone, Group Head of Legal & Company Secretary.
Notes to editors
On 4 April, Matthew Callaghan, Ian Green and David Baxendale of PwC were appointed joint administrators of Conviviality Brands Limited. The wholesale business delivers beverages to more than 24,000 retail outlets across the UK, operating out of distribution centres across England and Scotland.
On appointment, the administrators transferred the entire shareholding of Matthew Clark (Holdings) Limited and Bibendum PLB (Topco) Limited and their subsidiary businesses trading as Catalyst, Peppermint, Elastic and Walker & Wodehouse to C&C Holdings (NI) Ltd.
As part of the deal, more than c. 1,900 staff were transferred to C&C Holdings (NI) Ltd.