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Conviviality calls time on boss Hunter
Conviviality chief executive Diana Hunter has thrown in the towel at the Bargain Booze owner after a succession of profit warnings, accounting and tax issues.
Hunter has stepped down from the alcohol wholesaler and distributor's board with immediate effect but will remain with the company "for a period of time" in order to "provide transition support".
Non-executive chairman David Adams has stepped into the role of executive chairman until further notice.
Last Wednesday Conviviality announced that it was cancelling the interim dividend that was due to be paid at the end of the week after its shares were suspended following the discovery of a £30m tax bill that could see its banking covenants breached.
Conviviality revealed the tax payment a day after it told investors to expect adjusted earnings for the current year between £55.3m and £56.4m - 20% short of forecasts. The company said it had hired PwC to help with discussions with HMRC, lending banks, credit insurers, suppliers and other creditors. PwC will also help judge the impact of any funding required to pay the tax bill on earnings and banking covenants.