Bargain Booze to offer investors a tipple

Conviviality Retail, the company behind the north of England, cut-price off-licence chain has announced that it planning a listing on London's AIM market.

The retailer that has over 600 franchisee outlets, predominantly based in the north of England, has announced its intention to float, thus providing an exit for ECI Ventures, which purchased the company in early 2006 for around £70m from Irish food wholesale group BWG.

ECI attempted to sell the business last year but was unsuccessful, so the listing, which is hoped will raise up to £65m, will bring them a substantial return on investment. Convivality is planning to use the proceeds to open branches further south, thus hoping to capitialise on the fact that when economic times are tough, even more prosperous shoppers are keen to save money where possible.

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