Conviviality, the company that owns Bargain Booze, Wine Rack and acts as supplier to Wetherspoons, Slug & Lettuce and many others, entered Administration on 4 April. The company's collapse was sudden and unexpected - as late as 8 March its stock market value was over £550 million, but its share price fell from 301p to 123p in less than 24 hours. This wiped £300 million off the company's value, a drop from which it never recovered. Commentators say the company's rapid expansion strategy had seen it overreach itself and an accounting error resulting in an unexpected £30m tax bill devastated confidence in the company's management.
The sudden collapse took many by surprise but Administrators were able to sell the wholesale arm of the business to Dublin-based C&C Group, safeguarding more than 1,800 jobs.