Magners maker C&C throws lifeline to Bargain Booze owner Conviviality

Almost 2,000 jobs in the drinks industry have been saved after the owner of Magners cider and Tennent’s lager bought Conviviality’s wholesale business. C&C Group has acquired the Matthew Clark and Bibendum businesses from the ashes of Conviviality after the collapse of the drinks company, which plans to file for administration. The deal will be funded with the help of a loan from AB Inbev, the world’s biggest brewer, thought to be between £10m and £20m. Conviviality, which also owns the Bargain Booze and Wine Rack chains, was valued at more than £500m a month ago. However, it has suffered a rapid fall from grace since then after admitting that it had made a “material error” in its forecasting and had found a £30m tax bill due by the end of March. Click here for the full Times article (£) Click here for the full Telegraph article  Click here for the full Independent article