Investors in Conviviality are considering the possibility of legal action against the drinks company’s board amid claims that they were misled over the health of the business’s finances. The rapid fall from grace of a company that in November had a stock market value of almost £750 million has provoked questions about when the board first had concerns over its trading and financial position. A particular focus is the £30 million equity raising completed in mid- December at 375p a share to fund the £25 million acquisition of 127 Central Convenience stores from the ashes of Palmer & Harvey, the failed distribution group. Diana Hunter, the Conviviality chief executive at the time, said the deal would “support our strategic goal to be the drinks and…

Source: The Times April 02, 2018 23:02 UTC