Still hope for Central Stores despite parent company calling in administrators (updated)

It’s been a tense week for those who work at the 12 Central Stores on the Isle of Wight. Their parent company, Conviviality, has called in administrators, but there is still hope for the convenience chain on the Isle of Wight.

central stores signage

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

Friday, 6th April, 2018 10:16am

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Filed under: Business, Island-wide, Isle of Wight News, Retail, Top story

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davimel

The staff at Upper Ventnor have ‘apparently’ been told that their jobs are secure and the payment terminals will be re-introduced very shortly. Supplies are now being delivered, including newspapers, and things are getting back to normal. Great News for Upper Ventnor and I hope all the others see similar changes very soon.