It was announced this week that Administrators have been appointed by the parent company of Central Stores.
Less than a month ago, Conviviality, which also owns Wine Rack, Bargain Booze, Bibendum and others had a stock market value of more than £550m.
Fast forward a month and part of the company has now been sold to Magners Cider and Conviviality Brands Ltd and Conviviality Plc divisions have gone into administration. However, other operations in the company have not and are continuing to trade.
Sale still possible
That includes Central Stores and there is still hope for those who work at, or use the 12 Central Stores across the Isle of Wight.
A statement from administrators (PricewaterhouseCoopers) says,
“The company continues to engage with parties interested in its retail business, which trades under the names of Bargain Booze, Bargain Booze Select Convenience, Wine Rack and Central Convenience.”
For the moment, all Central Stores staff and customers can do is keep their fingers crossed that a purchaser for the company can be found.
History
The convenience shops were previously owned by the Hunnyhill Stores Group, which traded as Spar. In December 2016, the chain was sold to Central.
A year later, the owner of 127 UK-based Central Convenience retail stores, WS Retail Ltd, sold to Conviviality for £25 million.
Update 6.45pm:
This afternoon it was announced that the retail arm of Conviviality is set to be rescued after Bestway is expected to buyout Winerack and Bargain Booze in a £7m deal (read the details in the Guardian).
Source: PwC
