In recent weeks we have been engaged to advise a number of significant contractual counterparties in light of the profit warnings issued by Conviviality Plc and its unexpected £30m HMRC tax liability, which falls due for payment today.
Conviviality owns Bargain Booze, Wine Rack, and supplies more than 25,000 restaurants, hotels and bars through subsidiary Matthew Clark. Following a further announcement on the London Stock Exchange this morning, Conviviality has confirmed it will shortly file a notice of intention to appoint administrators, which triggers a 10 business day interim moratorium on creditor action pending the formal appointment of administrators. PwC are in line to be appointed as proposed administrators.
If you are concerned about how the proposed administration of Conviviality could impact you or your business, please do not hesitate to get in touch.
Tim Carter