Conviviality, the drinks retailer that collapsed into administration last month amid management chaos, turned down a last-minute rescue proposal.

Conviviality, which owned the Bargain Booze chain, rejected a written offer from activist investor Crystal Amber to assist with a £125m emergency fundraising, according to The Daily Telegraph.

After attempts to secure funding for Conviviality failed to meet the target, Crystal Amber made a rescue offer conditional upon it and other new investors being given an option of buying more shares in future at a discount.

Crystal Amber fund head Richard Bernstein said: “They raised £107m at 5p a share but needed £125m. We said we’ll do the other £18m, but we want warrants and we think all the new shareholders should also get warrants to get in at below 5p to compensate us all for the lack of existing credible management.”

Conviviality subsequently hit the buffers. Its Matthew Clark distribution arm was sold to Magners owner C&C Group while the Bargain Booze and Wine Rack chains were sold to Bestway.