Hangover: Bargain Booze owes £30m in taxes
Bargain Booze owner Conviviality shocked shareholders after revealing it owed £30million in taxes, forcing it to suspend trading in shares and cancel its dividend.
The revelation is a disaster for the alcohol wholesaler and distributor which issued a second profit warning in a week.
It could now struggle to meet lending agreements with banks and has hired accountants PwC to advise on discussions with HMRC and its other creditors.
The £30million, due on March 29, was only discovered this week. Shares in Conviviality dived 64 per cent earlier this week.