Sunday 22, April

Chains Bargain Booze and Wine Rack near sale to Bestway

Conviviality brands Bargain Booze and Wine Rack are set to be sold to food wholesaler Bestway for £7m.

The pre-pack process allows for the sale of assets before the official appointment of administrators. The process effectively allows the buyer to cherry-pick the profitable parts of a failing business instead of taking on all liabilities.

Last week, Conviviality had announced plans to file for administration.

The company had shocked investors last month with a profit warning and news of an unpaid £30m tax bill.

Those revelations prompted the resignation of chief executive Diana Hunter, who had been in charge since 2013, the year Conviviality listed on the London Stock Exchange.

Conviviality attempted to raise £125m to rescue the business, but failed to do so.

Video

Rapper Kendrick Lamar has won the Pulitzer Prize for music, becoming the f