MATTHEW CLARK OWNERS HEAD FOR ADMINISTRATION

March 28th, 2018 | Posted in: News

Matthew Clark owners Conviviality Plc has failed in its efforts to raise the £125m required to save the company from likely administration.

The company revealed earlier this month that it was in financial straits. It admitted to having a £30 million tax bill, a £30 million loan and a large amount due to creditors.  It was looking for a cash injection of £125 million to allow the company to keep trading as a “going concern”. That cash has not been forthcoming.

In a statement the company said, “Despite a significant number of meetings with potential investors resulting in good levels of demand, and constructive discussions with a number of key customers and suppliers regarding the provision of support, there was ultimately insufficient demand to raise the full £125 million.”

The statement continued, “The Company is in discussions with its lending banks and advisors regarding other possible options and is in receipt of a number of inbound enquiries regarding a potential sale of all or parts of the business. A further update will be made as appropriate.”

It is expected that PriceWaterhouse Cooper will be announced as administrators tomorrow, with some 2,600 jobs now on the line.

The company, which had sales of £1.6bn in 2017 also owns Bibendum, Wine Rack and Bargain Booze, bought Matthew Clark in a reverse take-over for £200m in September 2015. Convivality boss Diana Hunter, stood down earlier this month following the news of the debt.

It is expected that adminstrators will attempt to sell off the different companies that make up Conviviality, but it is expected that shareholders will receive “little-to-nil value.”

For Matthew Clark customers in Scotland the news will not be welcome. However customers are standing by the company, and the business in Scotland is trading as normal. Said an employee, “We’ve been heartened by the support that our customers have shown us. We are all doing our very best to ensure our customers orders are fulfilled, and we hope that over the next few days that a buyer will be found.”

 

 

 


New Prospects for DJ Prospect – 4042

Thu 14th June 2018

It’s not a club, but it’s not a bar either…Edinburgh’s first ever ‘3am hang-out’, 4042, has now launched... Read more.

Check out the new look Candy Bar

Wed 13th June 2018

Edinburgh’s Candy Bar has just been given a makeover by owners Montpeliers.... Read more.

The new Red Sky Bar at Radisson Red, Glasgow

Wed 13th June 2018

If you are looking for a bar with a view there can be no better venue in Glasgow than the new Red Sky Bar at the Radisson. Owned by Forrest ... Read more.

INTERVIEW: ANNA CHRISTOPHERSON – A BREATH OF FRESH AIR

Wed 13th June 2018

Susan Young interviews Anna Christopherson of Boda Swedish Bars and Restaurant Group. ... Read more.

Drink-up and Smell the Roses

Thu 7th June 2018

It’s the 150th birthday of Charles Rennie Mackintosh today (6th June)  and Champagne Central, at Glasgow’s Grand Central Hotel, is ... Read more.

Cocktail Village for Cocktail Week

Wed 6th June 2018

Edinburgh Cocktail Week 2018, a festival showcasing and supporting Edinburgh’s thriving cocktail scene, will be held from the 15th -2... Read more.

Kopparberg makes it onto the bar with draught Kopparberg Black

Mon 4th June 2018

Kopparberg now has a draught offering in the shape of its new Kopparberg Black! It’s the first time the Swedish brand has offered a dr... Read more.

The Tree House serves up cocktail for charity

Wed 30th May 2018

The Tree House bar and restaurant in Ayr, part of the Buzzworks stable,  is supporting its local Ayr Hospice by donating £1 from every ... Read more.

New distillery for Cairngorms

Wed 30th May 2018

The first new distillery to be built in the Cairngorms National Park in 15 years is being planned by Speymalt Whisky Distributors, the paren... Read more.

Hawthorn Leisure sold to NewRiver for £106m

Fri 25th May 2018

Hawthorn Leisure has been sold to NewRiver REIT for £106.8m. The deal sees the group extend its pub estate from 331 to 629 sites and includ... Read more.

New Macallan Distillery breaks the boundaries of distillery design

Wed 23rd May 2018

The Macallan has officially unveiled its new £140m distillery and visitor experience in Speyside at its Easter Elchies estate, and it is s... Read more.

Benromach announce plans for own gin – Red Door Gin

Tue 22nd May 2018

Gin is to be distilled for the first time at The Benromach Distillery in Forres. The new gin will be called Red Door Gin,  after the disti... Read more.

Stuart McCluskey gets set to open the Register Club within The Edinburgh Grand

Fri 18th May 2018

Edinburgh will soon boast a new club in the shape of the Register Club – the latest venture by The Bon Vivant Group. The new club will be ... Read more.

Focus on: Church on the Hill, Glasgow

Fri 18th May 2018

Check out the new-look Church on the Hill in Glasgow's Southside ... Read more.

Kopparberg unveil new £6M summer campaign

Thu 17th May 2018

Kopparberg is encouraging drinkers to make the most of the summer weather with a new £6M  campaign, entitled “Outside is Ours”.   Th... Read more.

Singl-end Opens in the Merchant City – Jocelyn O’Keefe reports

Thu 17th May 2018

Singl-end – yes, that’s how you spell it – is a cafe famous for its brunches and home-made bakes. Now it has just branched out fro... Read more.

THE UNINTENDED CONSEQUENCES OF REMOVING THE BEER-TIE FOR THE SCOTTISH PUB TRADE – STUART ROSS – FORMER BELHAVEN BOSS

Thu 17th May 2018

What will removing the beer-tie mean to the Scottish trade - Stuart Ross, former Belhaven Chief gives his view in an open letter. ... Read more.

A NEW VENTURE FOR BUZZWORKS: THE T-BAR

Tue 15th May 2018

Buzzworks has just unveiled its new bar and music venue in Ayrshire: The T-Bar, the first designated bar in the company’s portfolio. The l... Read more.

LOCH LOMOND TEE OFF WITH COLIN MONTGOMERY

Tue 15th May 2018

Loch Lomond Whiskies, The Official Spirit of The Open, has agreed a high-profile partnership with Colin Montgomery to promote the brand’s ... Read more.

JIMMY MARR: THE COMEBACK KING

Tue 15th May 2018

Jimmy Marr is certainly a legend in his home town of Dundee. He is a well known businessman and was also a past owner of Dundee Football Clu... Read more.