Shares in Bargain Booze owner Conviviality Retail (CVR) shot up more than 20 per cent after the group confirmed its takeover of wholesaler Matthew Clark for £200m. Michael Clark is the UK's biggest drinks wholesaler and is currently co-owned by Hertford Cellars (part of Accolade Wines) and Punch Taverns (PUB).
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The deal was first mooted back in July, when Conviviality was forced to suspend its shares on the London Stock Exchange. Now that the group has put pen to paper, it plans to raise £130m to part-fund the deal through a placing of new shares.