Bargain Booze, with several South Cheshire stores, has been sold by struggling owner Conviviality to wholesaler Bestway.
The brand has been sold along with Wine Rack in a £7 million deal which could help safeguard 2,000 jobs.
Conviviality’s retail arm has been looking for buyers after it emerged the company was facing financial difficulties.
Last week, Conviviality had announced plans to file for administration, and some feared the end of the popular Bargain Booze brand in South Cheshire.
The company had issued a stern profit warning and news of an unpaid £30 million tax bill.
Bestway is one of the UK’s biggest food wholesalers and also owns the Well pharmacy chain.
BBC report that the deal for Bargain Booze and Wine Rack was completed through a “pre-pack administration process” overseen by administrators PricewaterhouseCoopers (PwC).
This process allows for the sale of assets before the official appointment of administrators.
It has allowed Bestway to cherry-pick the profitable parts of a failing business instead of taking on all liabilities.
Bargain Booze has nine South Cheshire stores, including Nantwich, Wistaston and Crewe, as well as a large distribution centre on Weston Road, Crewe.
(Pic courtesy of Jonathan White)
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