Wine Rack and Bargain Booze rescued from brink by wholesaler in £7m dealAbout 2,000 jobs are set to be saved with the buyout of retail chains Wine Rack and Bargain Booze in a £7m deal. Matthew Callaghan, partner at PwC, said: “This deal safeguards the jobs of more than 2,000 employees, ensures franchisees have the ability to continue to trade and creates some much-needed stability for business customers and the sector in general. Conviviality announced its intention to appoint administrators last week after a string of profit warnings and the discovery of a £30m tax bill, putting more than 2,600 jobs at risk. The breakup of Conviviality marks the end of the firm after rapid demise over just a few weeks. Meanwhile, the chair of parliament’s work and pensions committee, Frank Field, has questioned the role of the auditor KPMG.

Source: The Guardian April 06, 2018 13:31 UTC