Beverages distributor Conviviality Plc said in a Dec. 15 filing that its subsidiary Bargain Booze Ltd. offered to acquire retail brand Central Convenience from WS Retail Ltd., a wholly owned subsidiary of Palmer & Harvey McLane Ltd., for £25 million.
Struggling retailer Palmer & Harvey fell into administration in November.
U.K.-based Conviviality proposed to acquire Central Convenience's 109 convenience stores and the rights as franchisor of an additional 18 franchisee-operated stores.
Conviviality CEO Diana Hunter said the proposed acquisition of the convenience store business will expand its retail footprint in the south and southwest of England.
The company added that if the offer is accepted, it will finance the proposed acquisition through a completed placing of its 8 million new ordinary shares priced at 375 pence per placing share to raise £30 million. The placing of shares is subject to the completion of the acquisition Dec. 15 by 4:30 p.m. London time.
Conviviality has appointed Investec Bank plc to be its only book runner, broker and nominated adviser.
