Conviviality finally has something to be convivial about, as C&C announces it has acquired Bibendum and Matthew Clark.
C&C, with the backing of global drinks giant AB InBev, has take over the two wholesale businesses, which together supply more than 23,000 venues across the UK. Considerations for the shares will be a nominal sum, and C&C will provide on-going working capital and other cash requirements of the business.
Conviviality purchased Matthew Clark in October 2015 and Bibendum the following May, to the tune of £200m and £60m respectively, making it the biggest operator in the UK’s wine world by some distance.
Last week, Conviviality announced that it would be appointing administrators and looking at selling off all or part of the business, which also encompasses Wine Rack and the Bargain Booze retails chains and employs more than 2,500 people.
The crisis was sparked earlier in the year with the shock revelation that the company had failed to account for a £30m tax bill.