Conviviality Retail‘s revenues have skyrocketed as its ambitious acquisition strategy pays off.
The Bargain Booze owner reported a 211 per cent boost in revenue to £782.5 million in the 26 weeks to October 30, putting it firmly back into the black following a troubled prior financial year.
Its pretax profits have skyrocketed from a loss of £4 million in 2015, to £7.4 million, owing to the acquisition of companies including wine wholesaler Bibendum, drink supplier Matthew Clark and pop up bar Peppermint.
READ MORE: Conviviality to add Bibendum to collection
It adds these to its already prominent high street presence, which include Bargain Booze and Wine Rack.
“These strong results demonstrate our competitive advantage, the broad customer base we have developed and the robust nature of Conviviality as the UK’s leading drinks wholesaler, distributor and solution provider to our customers,” chief executive Diana Hunter said.
“The recent acquisitions have resulted in Conviviality being well positioned in its market with a resilient business model that provides unique positioning for its suppliers and customers.
“We are also pleased to report that the Group continues to trade in line with expectations for the full year.”