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Acquisitions paying off for Bargain Booze owner

CREWE-based Conviviality, owner of Bargain Booze and Wine Rack, says its £200m acquisition of Matthew Clark is already paying off and boosting the bottom line.

The AIM-listed company says it has traded well over the past year, with group sales more than doubling to £864m for the full year to May 1 2016 (2015: £364m).

EBITDA is expected to be marginally ahead of market expectations, the group said, with end of year with net debt at around £87m.

During the year, Conviviality Retail saw net growth of 92 stores, increasing in the total number of stores to 716. It attracted 38 new franchisees and the number of stores owned by multi-site franchisees increased by 42% to 364.

Wholesale sales were in line with last year, while like-for-like sales at Wine Rack were up 3.2%.  Read More