Bestway Group, one of Britain’s largest private companies, is preparing to launch a formal financial restructuring process for its off-licence chains Bargain Booze and Wine Rack.
Sky News has learned that the group has informed landlords of its proposed company voluntary agreement (CVA) for its Bestway Retail arm.
Real estate sources said the conglomerate, founded and chaired by Sir Anwar Pervez, wanted to terminate dozens of leases linked to vacant stores in its shopping complex.
One said about 35 securities not currently being traded would be entirely compromised under the plan.
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Around ten other sites would request rent reductions from owners.
A real estate insider said the company had been unable to terminate leases because of landlords’ refusal to negotiate them.
The CVA is expected to launch before Christmas and is overseen by PricewaterhouseCoopers, the sources added.
No jobs will be lost as a result of the restructuring.
Bestway’s retail arm would include around 200 stores, operating largely under the Bargain Booze and Wine Rack brands.
She acquired the estate for just £7 million from the wrecked Conviviality after its collapse in 2018.
Bestway includes businesses in food wholesale, the Well pharmacy chain, cement, real estate and United Bank, one of Pakistan’s largest lenders.
Bestway did not respond to multiple requests for comment over a period of several days.