Drinks

Conviviality CEO Steps Down Amid Financial Issues

By Publications Checkout
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Diana Hunter, the CEO of drinks retail company Conviviality, has stepped down from her position, after the group issued a number of profit warnings in recent weeks.

In a statement released yesterday, the company's board said that Hunter has resigned with immediate effect, while David Adams, the group's chairman, is stepping into the role of executive chairman until further notice.

The move comes following a turbulent week for Conviviality.

The company, which owns retail chains Wine Rack and Bargain Booze, temporarily suspended trading shares on AIM last Wednesday, after identifying an unexpected £30 million tax bill.

The group issued a profit warning due what it described as an "arithmetic error" in its financial forecasts.

Last Tuesday, Conviviality said that it now anticipates adjusted EBITDA for the current year to be approximately 20% below market expectations, confirming an expected range of £55.3-£56.4 million.

The company added that it is "continuing to engage with stakeholders" and will provide a further update "in due course".

In January, Conviviality reported that revenue increased by 9.2% in the first half its financial year, with EBITDA up by 1.7%, to £23.3 million.

© 2018 European Supermarket Magazine – your source for the latest retail news. Article by Sarah Harford. Click subscribe to sign up to ESM: The European Supermarket Magazine.

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