Bargain Booze and Wine Rack owner to launch restructuring process
Bestway Group, the parent company of the Bargain Booze and Wine Rack off-licence chains, is preparing to launch a financial restructuring process to exit 35 vacant shops.
The group has informed landlords about plans for a company voluntary agreement (CVA) for its Bestway Retail Arm, Sky News has reported.
Property sources said the group wants to exit dozens of leases on shops within its portfolio which now lie vacant.
Rent reductions will likely be pursued at a further 10 sites.
One real estate insider told Sky News the company had been unable to exit its leases because of landlords’ unwillingness to negotiate.
The CVA is expected to be launched before Christmas and is reportedly being overseen by PricewaterhouseCoopers, sources said.
Bestway’s retail arm comprises about 200 stores, largely operating under its Bargain Booze and Wine Rack brands.
It acquired the estate for £7m from Conviviality after its collapse in 2018.