Bargain booze and Wine Rack chains sold

The coexistence

The coexistence of the marks of Bargain booze and Wine Rack are going to be sold to a food wholesaler Bestway for £7m.

The coexistence of its retail arm, which also includes the WS Retailers and Select the Convenience of the chains, I was looking for suitors after the company ran into financial difficulties.

The sale is expected to save 2,000 jobs at the chains.

Earlier this week, the wholesale division of Conviviality was purchased by C&C, owner of Magners cider.

Both offers are made through a pre-pack administration process, which was overseen by PwC.

Last week, the Coexistence had announced plans to file for administration.

The company had surprised investors last month with a profit warning and news of a balance of £30m tax bill. They tried to raise 125m to rescue the company, but failed to do so.