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Bargain Booze Owner Toasts £60m Deal

The owner of off-licence chains Bargain Booze and Wine Rack has agreed to splash £60m on Bibendum PLB, a wine, spirit and beer distributor with a turnover of more than £270m. Crewe-headquartered Conviviality is also raising £32m through a major share placing to fund the acquisition.

The deal, through subsidiary Conviviality Brands, will be funded through a  placing of 15.6 million shares at a price of 205p each to raise gross proceeds of £32m, with a further £10m term loan to be drawn down under a revised bank facility.

Conviviality has also agreed the extension of Bibendum PLB’s invoice discounting facilities of up to £30m of which £20m was expected to be drawn down at the end of April. Read More