Conviviality unit offer for WSR convenience stores
Source - SMW
Conviviality's wholly-owned subsidiary, Bargain Booze, has offered to acquire the business and assets of 109 convenience stores and the rights as franchisor of a further 18 franchisee-operated stores trading under the fascia 'Central Convenience' from WS Retail for £25.0m in cash.
WSR is a wholly-owned subsidiary of Palmer & Harvey McLane Limited which entered administration on 28 Nov.
If the offer is accepted, the company will fund the acquisition through the completed placing of 8,000,000 new ordinary shares at 375p apiece to raise gross proceeds of £30.0n.
The placing is conditional on the acquisition being completed by 4.30 p.m. today and has been fully underwritten by Investec Bank, the Company's sole bookrunner, broker and nominated adviser.