Conviviality (AIM:CVR) - was abrupt change of strategy ever questioned by naïve institutions?
Shares in the wholesaler and distributor of alcohol and impulse are now suspended as it considers the anticipated impact on its funding position of £30m due to HMRC. This business has looked questionable since an abrupt change of strategy several years ago. The facts were there for all to see…
In our opinion the problems being encountered by Conviviality (AIM:CVR) date back several years to its material change of strategy.
- Material change of strategy
The AIM Admission document from July 2103 stated the following:
“The management team, now led by Diana Hunter, an experienced retailer previously at Waitrose and Sainsbury’s, is implementing a strategy which the Directors believe will drive Franchisee engagement and growth over the next three years. The Directors expect to extend reach into new…
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