Shares in Conviviality (CVR) rose 2 per cent on the morning the group announced that its subsidiary Bargain Booze had agreed a £30m acquisition of 109 convenience stores and 18 potential new franchises from WS Retail currently under the fascia ‘Central Convenience’. The deal was funded by a corresponding 375p-a-share completed placing.
This follows several previous acquisitions including Wine Rack, Rhythm & Booze, GT Retail, Matthew Clark and Bibendum, all of which have helped build Conviviality’s multi-channel business across the drinks market.
The company has a track record for achieving post-purchase efficiencies. At its latest full-year results for the year to April 2017, the integration of Matthew Clark and Bibendum helped deliver £6m of cost synergies.
