Wine Rack and Bargain Booze Looking At A CVA

Bargain Booze and Wine Rack off-licences are looking to use a CVA to exit vacant shops according to Sky News Reports

The shops are owned by Bestway Group, one of Britain’s largest privately owned enterprises.  After Conviviality collapsed in 2018, it bought the estate for £7m.

One real estate insider said landlords’ refusal to compromise prevented the company from exiting the leases.

The sources said PricewaterhouseCoopers will lead the CVA before Christmas.

Bestway’s 200 locations are mostly Bargain Booze and Wine Rack.

The threat of a CVA may well put pressure on the landlords to reduce the rent. This is a well known tactic of retailers who need to exit loss making sites. For more information on Retailer CVAs see this page.

Bestway operates food wholesale, Well pharmacies, cement, real estate, and United Bank, Pakistan’s largest lender.