Bargain Booze completes buyout of Central Convenience chain

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Bargain Booze has completed the £25m acquisition of the Central Convenience chain from WS Retail (WSR), a subsidiary of collapsed wholesaler Palmer & Harvey.

The deal includes the acquisition of 109 stores and the franchise rights of a further 18 stores under the Central Convenience fascia.

Bargain Booze owner Conviviality Plc said it would fund the acquisition by raising £30m through the placing of eight million shares on the London Stock Exchange, at a price of 375 pence each.

P&H administrators PricewaterhouseCoopers accepted the offer on Friday (15 December) afternoon, with trading of the shares to begin on Tuesday (19 December). 

Conviviality ceo Diana Hunter said: “We are delighted to have completed the acquisition and to have the Central Convenience business join the Conviviality Group. We now welcome our new colleagues and franchisees to the Group. Conviviality Retail now comprises 836 stores, serving more customers in the South and South West of England.”

Central Convenience’s 127 convenience stores include 20 petrol forecourts, stores incorporating 47 Post Offices and 18 franchisee-operated stores. 

Readers' comments (10)

  • Lets hope no EX P&H directors turn up in jobs with them.

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  • That seems like a lot of money for 109 stores.

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  • very little communication from PWC or WS Retail,Lets hope landlords don't disclaim the leases !!

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  • Like every acquisition Conviviality makes they have vastly overpaid which will just store up problems later down the line

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  • Like every other acquisition Conviviality have made they have vastly overpaid - this just stores up problems for the future

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  • Average of around £200k per store and that average increased because the deal includes 20 forecourts. I can’t see how anyone who doesn’t have access to property details (free holds, length of leases etc. Can say Convivial has overpaid.

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  • Look at every acquisition they've made in the last 3-4 years and they are all top dollar. Selling to them is literally a licence to print money

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  • So what happens with the franchise stores as Central breach their contracts when they failed to deliver stock. So does that mean that they all can leave without penalty?

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  • none or very little communication from either party.... Not really how you do business.Starting off on the wrong foot!!

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  • And what about all the suppliers etc who have been hung out, left unpaid / with debts while the directors who simply move on from there decisions!! wrong wrong wrong....

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