Addleshaws and DLA lead as Bestway saves 2,000 jobs with Wine Rack and Bargain Booze deal
UK firms advise as grocery wholesaler buys drinks retailers in £7m deal
April 10, 2018 at 06:15 AM
2 minute read
Addleshaw Goddard and DLA Piper have advised on UK grocery wholesaler Bestway's acquisition of drinks chains Wine Rack and Bargain Booze, a deal that is set to save thousands of jobs.
About 2,000 jobs will be saved by the £7m acquisition of the retail division of drinks group Conviviality in a pre-pack administration process.
Addleshaws took the lead role for Bestway, which was founded and is chaired by billionaire Sir Anwar Pervez, with a team led by Leeds restructuring partner Andrew Bates.
It is understood that DLA Piper advised Wine Rack and Bargain Booze parent company Conviviality and administrators PwC.
The deal was completed on Friday (6 April).
Bestway legal counsel Rabiah Sheikh said: "The acquisition provides the Conviviality retailers with much-needed security as we prioritise stabilising supply of stock for them from the UK's largest independent wholesaler and, against the backdrop of recent high-profile failures on the high street, gives these retailers confidence to plan for the future, as well as securing 2,000-plus jobs within the sector, preserving a wealth of talent and experience."
Conviviality announced plans to appoint administrators last month after a series of profit warnings and the discovery of an unexpected £30m tax bill.
A number of well-known high street brands have been forced to restructure in recent months, including Toys R Us and Maplin, both of which collapsed into administration in February. In addition to the toy and electronics retailers, other well-known names turning to advisers amid faltering financial results and debt issues include House of Fraser, Debenhams, New Look and Poundland.
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