Drinks firm crisis over £30m tax bill

BARGAIN Booze owner Conviviality shocked shareholders after revealing it owed £30m 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 £30m, due on March 29, was only discovered this week. Shares in Conviviality dived 64pc earlier this week.