Bargain Booze owner Conviviality Retail has completed the acquisition of supplier Matthew Clark and dropped the word ‘retail’ from its name.

Bargain Booze owner Conviviality has completed the acquisition of Matthew Clark

The company’s website has subsequently been changed to www.conviviality.co.uk as the acquisition of Matthew Clark now opens it up to the on-trade market, which includes pubs, restaurants and hotels.

Conviviality chief executive officer Diana Hunt said: “The combination of the two companies is a great strategic fit and a transformational acquisition for Conviviality.

“Matthew Clark is a significant wholesaler in the drinks industry, larger than the next seven independent operators combined, and together with Conviviality this creates a unique business that addresses both on-trade and off-trade retailers.

“The enlarged group will be independent of major drinks brands, enabling us to supply an unrestricted selection of products to customers who value breadth of range, price and quality.”

Conviviality Retail was a smaller company than Matthew Clark in terms of sales, which means it has undertaken a ‘reverse takeover’ of Matthew Clark and is using a share placing and new debt facility to finance the £200m acquisition.

Conviviality reported revenues of £364.1m for the year ending April 26, while in comparison Matthew Clark generated revenues of £811.2m for the year to February 28.

It is expected the huge buying power the acquisition provides Conviviality will enable the company to pose a serious threat to the major grocers.