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Conviviality issues update on £30 million tax bill and mulls equity fundraise

Bargain Booze owner Conviviality has issued an update on the measures it is taking to handle its unexpected £30 million tax bill. Earlier this week, the… View Article

FOOD & DRINK

Conviviality issues update on £30 million tax bill and mulls equity fundraise

Bargain Booze owner Conviviality has issued an update on the measures it is taking to handle its unexpected £30 million tax bill.

Earlier this week, the company revealed that the bill due for payment to HMRC on 29 March had only be discovered on 13 March and had not been accounted for in its short-term cash flow projections.

In a statement issued today, Conviviality said both its customers and suppliers are remaining supportive and that ongoing discussions with its lenders are “constructive”.

The company said that accounting firm PwC is undertaking a review of the business and its future finding requirements. Conviviality is also liaising with its advisers and broker regarding the possibility of an equity fundraise to effect a recapitalisation of the business.

Commenting on the £30 million tax bill, Conviviality said HMRC has been receptive to its needs and that discussions are continuing.

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

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