Bestway turns to CVA to shed vacant shops

Bestway Group is turning to a company voluntary arrangement (CVA) to exit about 35 vacant shops which previously traded as Bargain Booze and Wine Rack off-licences, stated recent reports.

According to Sky News, Bestway Group has informed landlords about plans for a company voluntary arrangement (CVA) for its Bestway Retail arm as it wanted to exit dozens of leases tied to shops which lie vacant within its retail estate.

Reports stated that about 35 shops which were not currently trading would be compromised in full under the plan. Roughly 10 further sites would seek rent reductions from landlords.

The CVA is being overseen by PricewaterhouseCoopers, stated Sky News citing a source.

Bestway's retail arm is said to comprise about 200 stores, largely operating under the Bargain Booze and Wine Rack brands.

Bestway also comprises operations in food wholesaling, the Well pharmacy chain, cement, real estate and United Bank, one of Pakistan's biggest lenders.

Meanwhile, Bestway Retail continues to strengthen its business. Most recently, it bolstered its senior leadership team with three new senior hires in the form of Nick Russell, Steve Moore and Rodney Tucker.

Russell, who previously worked for Costcutter until 2021, is now leading the independent Best-one and Costcutter estates. Moore, who also previously worked for Costcutter, will lead the Midlands and South Wales team from January 2025 as regional controller for Costcutter and Best-one.

Tucker has also rejoined the organisation in the new business and acquisitions team where he will drive the recruitment of new business in the Southwest and South Wales territories.