UK retail giant takes AIM route to raise capital
Conviviality Retail is hoping to raise about GBP 64 million by joining the Alternative Investment Market, a sub-market of the London Stock Exchange. The money will be used to buy out ECI Partners as well as reduce its existing debts, a company statement said.
Although the name may not ring any bell to casual consumers, Conviviality is the business behind Bargain Booze, one of UK's leading off-license and convenience stores, and Thoroughgoods. ECI purchased Bargain Booze from BWG for GBP 64 million back in 2006.
The retail company, under the management of CEO Diana Hunter, counts 611 owned stores and 451 franchisees all over UK.
"We are ideally placed for this with a strong brand, strong underlying growth prospects and a footprint and store format that can be expanded from our heartland in the North-West," Hunter said in a statement.
She said their unique sharing scheme with franchisees will help further drive growth in the near future.