Bestway Wholesale has today (Friday April 6) announced that it has purchased the assets and brands of Conviviality Retail, potentially saving 2,000 jobs.
Conviviality Retail has 769 stores in the UK, mainly operating through franchise models, including Bargain Booze, Select Convenience and Wine Rack. The company also purchased WS Retail (Central Convenience Stores) earlier this year, which is also included in the deal.
Commenting on the deal, Zameer Choudrey, CEO of Bestway Group, said “We feel this acquisition represents a great fit for both Bestway Wholesale and Conviviality’s retail base. This deal provides much needed certainty to these stores and our priority will be to stabilise the supply of stock into these businesses. These retailers can get back to ‘business as usual’ with the confidence of having the support of the UK’s largest independent wholesaler”.
“We are also pleased that as a result of the deal we have been able to provide job security to over 2,300 colleagues, who have incredible expertise and experience that will truly be a great asset to our combined business. By stepping in we have also ensured the franchisee stores get the support they need and deserve to grow their businesses, as well as continuing to provide choice for shoppers on the high street.”
Bestway acquired the assets as part of an administration process managed by PWC, with Addleshaw Goddard acting as principal legal advisors for Bestway. Bestway’s move follows the acquisition of Conviviality’s wholesale businesses Matthew Clark and Bibendum, by C&C Group, owners of the Magners and Bulmers brands.