Bestway Group has reportedly turned to a company voluntary arrangement (CVA) for some of its off-licences, after reaching an impasse with landlords over leases.
The retailer is understood to have opted for the insolvency process for its c-store Bargain Booze and Wine Rack business in a bid to exit dozens of leases tied to vacant shops, according to Sky News.
Through the CVA it would seek to exit leases of 35 vacant stores, and win rent reductions on a further 10 stores. It is being conducted on behalf of Bestway Group, and its founder and chair Sir Anwar Pervez, by PricewaterhouseCoopers.
Sky reported that the companyhad been unable to exit the 35 leases due to landlords’ unwillingess to negotiate over the leases.
No jobs will be lost as a result of the CVA.
Bestway’s off-licence business consists of around 200 stores. It acquired the estate in 2018 for just £7m following the collapse of previous owner Conviviality.
The Bestway Group comprises operations in food wholesaling, the Well pharmacy chain, cement, real estate and United Bank, which is one of Pakistan’s biggest lenders.
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