Sales surge at Bargain Booze and Wine Rack owner Conviviality after Matthew Clark acquisition
- Credit: Archant
Bargain Booze owner Conviviality Retail has seen a surge in half year sales, helped by a string of acquisitions.
Revenue rocketed 211% to £782.5m in the 26 weeks to October 30, also helping the firm swing back into black. Pre-tax profit came in at £7.4m, compared with a £4m loss in the same period last year.
Conviviality runs Bargain Booze off-licences and the Wine Rack high street chain. It’s performance was boosted by the £200m acquisition of drinks supplier Matthew Clark, pop-up bar firm Peppermint and wine wholesaler Bibendum.
Conviviality chief executive Diana Hunter said: “These strong results demonstrate our competitive advantage, the broad customer base we have developed and the robust nature of Conviviality as the UK’s leading drinks wholesaler, distributor and solution provider to our customers.
“The recent acquisitions have resulted in Conviviality being well positioned in its market with a resilient business model that provides unique positioning for its suppliers and customers.
“We are also pleased to report that the Group continues to trade in line with expectations for the full year.”
The company has also undergone a restructure creating three separate business units - Conviviality Direct, Conviviality Retail and Conviviality Trading - which Ms Hunter also flagged as contributing to the strong results.