Conviviality, the wholesaler and drinks distributor, is exploring the possibility of an equity fundraise to recapitalise the business.
The group, which incorporates Matthew Clark and Bibendum, updated the market this morning, saying “constructive discussions” with lenders were on-going.
Earlier this week the group’s shares were suspended following a profit warning and the admission that an unpaid £30m tax bill had been discovered.
It added: “PwC are undertaking a review of the business and its future finding requirements and this work stream is progressing well;
“The company has engaged with HM Revenues and Customs (“HMRC”) regarding the £30.0 million payment due on the 29 March 2018. HMRC has been receptive to our needs and these discussions continue; and
“The company is engaging with its advisers and broker regarding the possibility of an equity fundraise to effect a recapitalisation of the business.
“The board wishes to express its gratitude to all its stakeholders for their on-going support during this difficult period for the company.”
