Conviviality lays out plan of action

UK drinks wholesaler Conviviality has said it is “actively engaging with its stakeholders” as it works out its “funding requirements”.

In a brief update issued today (16 March), the company laid out its current plan of action following on from the shock announcements not only of a £5m shortfall in its profit estimates (subsequently revised) and plunging share prices but of a £30 million tax bill owed to Her Majesty’s Revenue & Customs (HMRC).

In an update, Conviviality announced that its customers and suppliers were “supportive” and “working closely and constructively” with the group; discussions with lenders were “on-going”; PwC was undertaking a review of the business and future funding requirements; HMRC had been “receptive” to the company’s needs and that Conviviality was talking to advisers and brokers about the possibility of an equity fundraise and recapitalisation of the business.

The statement concluded: “The Board wishes to express its gratitude to all its stakeholders for their on-going support during this difficult period for the company.”

One Response to “Conviviality lays out plan of action”

  1. Charles says:

    And so Ms Hunter is going to stay on to oversee the recovery from this mess? Surely a new CEO and a new CFO are the essential starting points for any rescue plan?

Leave a Reply

Your email address will not be published. Required fields are marked *

Please note that comments are subject to our posting guidelines in accordance with the Defamation Act 2013. Posts containing swear words, discrimination, offensive language and libellous or defamatory comments will not be approved.

Subscribe to our newsletters

Supply Chain Assistant

Speciality Drinks
Park Royal, London, UK

Customer Services Administrator

Speciality Drinks
Park Royal, London, UK

Gin Buyer

Craft Gin Club
London (Fitzrovia)

Customer Service & Operations Administrator

Marussia Beverages UK Ltd
London, UK

Sales Account Manager

Berkmann Wine Cellars
London, UK

Sales and Brand Manager

The Duchess Virgin Gin & Tonic
London, UK

Brands Sales Executive

Woolf Sung Ltd
London, UK

International Logistic Manager

Wine Source
London, UK

Prosecco Springs

London,United Kingdom
26th Apr 2018

Spirits & More

Rome,Italy
19th May 2018

db Awards 2018

London,UK
23rd May 2018
Click to view more

The Global Malbec Masters 2017

the drinks business is proud to announce the inaugural Global Malbec Masters 2017

The Global Sparkling Masters 2017

the drinks business is thrilled to announce the launch of The Global Sparkling Masters.

Click to view more