Rapid acquisitions helped the Bargain Booze owner grow revenues, but left it vulnerable
It took less than four weeks for a firm worth more than half a billion pounds to fall apart.
On 8 March, Conviviality – not a household name, but a big firm with more than 4,000 staff – had a stock-market value of more than £550m. Fast-forward less than a month and its finances have fallen apart, its bankers have balked at rescue plans and shares then worth 300p are now worth nothing. It will be remembered as one of the quickest corporate collapses ever seen in the UK.
Related: Magners cider owner, C&C Group, to buy wholesale arm of Conviviality
Matthew Clark Distributes wines and spirits to hotels, pubs and restaurants. Customers include 900 Wetherspoons and 200 Wadworth pubs, UK Hilton hotels, All Bar One, O’Neills and Slug & Lettuce. Based in Bristol, with 18 depots across the country
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