Conviviality, the embattled drinks retailer and wholesaler, has had “constructive discussions” with lenders and support from stakeholders as it addresses a funding crisis and may launch equity fundraising as it seeks to stabilise.
The retailer updated this morning on progress made in the aftermath of a profit warning and the discovery that an imminent payment was due to HMRC.
Conviviality, whose shares are suspended at the moment, said it has “been actively engaging with stakeholders” while it “continues to work through its funding requirements”, which include £30m due to HMRC.
Conviviality said: “Customers and suppliers remain supportive of the company and are working closely and constructively with the company at this time.
“We have had constructive discussions with our lenders which are ongoing.
“PwC are undertaking a review of the business and its future funding requirements and this work stream is progressing well.
“The company has engaged with HM Revenue and Customs regarding the £30m payment due on the 29 March 2018. HMRC has been receptive to our needs and these discussions continue.
“The company is engaging with its advisers and broker regarding the possibility of an equity fundraise to effect a recapitalisation of the business.”
The retailer said it would update on developments “in due course”.