Conviviality, owner of the Bargain Booze and Wine Rack chains, is seeking to raise more than £50m in an emergency rights issue next week after a series of catastrophic financial errors that have resulted in the suspension of its shares. Investors were receptive to bailing out the company, a well-placed source told the Guardian, with the company looking to raise at least £50m. Multiyork: furniture chain with 50 stores went into administration in November. The retailer is attempting to reduce the size of its stores by 30% and has asked landlords to cut rents. The tale of woe means Conviviality now has a market value of just £185.5m compared with £567.3m before the first unscheduled trading update.

Source: The Guardian March 16, 2018 14:36 UTC