Bargain Booze-owner turns to CVA after impasse with landlords
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Bestway Group, one of Britain's biggest privately owned companies, is preparing to launch a formal financial restructuring process for its Bargain Booze and Wine Rack chains of off-licences. Sky News has learnt that the group has informed landlords about plans for a company voluntary arrangement (CVA) for its Bestway Retail arm.
Property sources said the conglomerate, founded and chaired by Sir Anwar Perez, wanted to exit dozens of leases tied to shops which lie vacant within its retail estate. One said that about 35 which were not currently trading would be compromised in full under the plan.
Money blog:Pubs are running out of Guinness - we know who's to blame. Roughly 10 further sites would seek rent reductions from landlords. One real estate insider said the company had been unable to exit the leases because of landlords' unwillingness to negotiate over them.
Motorists want tougher sentences and instant roadside bans for drink-driving, says RAC. Bosses rail at business secretary over 'avalanche of costs'. 'Chilling' number of UK drivers caught drink-driving four times or more. The CVA is expected to be launched before Christmas and is being overseen by PricewaterhouseCoopers, the sources added.
Follow our channel and never miss an update. No jobs would be lost as a result of the restructuring. Bestway's retail arm is said to comprise about 200 stores, largely operating under the Bargain Booze and Wine Rack brands. It acquired the estate for just £7m from the wreckage of Conviviality after its collapse in 2018.
