UK 21:33 Wednesday, 23 September 2026
Breaking news and expert analysis on fast-moving AIM and LSE listed shares
My new best friend Roger Lawson of ShareSoc has written about the firesale of Conviviality (CVR) assets. He is right but also wrong. What has happened tells us as much about the illusion of asset backing as it does about the way administration works.
I bring you below a Heads of Terms agreement offered by Conviviality's (CVR) unit Matthew Clark to a potentially largish restaurant chain. Quite simply it is offering an upfront bung of 5% of the expected two year sales as an upfront payment.
If you were in any doubt that AIM-listed (until now) Conviviality (CVR) was toast before today, the RNS released at 11.11am this morning should finally convince you that it really is all over. It has gone to meet its maker, it is a dead duck, it is an ex-company. And it is ouzo o'clock for the Sheriff.
On 14 March following pressure on this website Conviviality (CVR) announced it was scrapping its £8.2 million interim dividend due two days later as it struggled for cash. 15 days later the company had failed to raise £125 million and headed towards administration with shareholders set to lose everything. But I have been passed bank accounts which, as you can see below, demonstrate that some shareholders were in fact paid a dividend.
Some bears are on the pitch, they think it's all over, it is now - I refer to Conviviality and that is what I expect to be chanting within 24 hours. The game is almost up. At 5.42 PM prompted by reports that it was already in administration from, inter alia, Sky and the Daily Star, Conviviality updated us all on progress. Okay it is not in administration yet ...but it may well be there by tomorrow.
A 6pm “Update on Progress and Potential Equity Fundraise” announcement from Conviviality (CVR) – uh oh, not usually a time for good news…
Previously writing on in-turmoil Conviviality (CVR) I concluded last year remuneration included Diana Hunter £966k (inc. salary £450k), Mark Aylwin £677k (inc. salary £375k), Andrew Humphreys £554k (inc. salary £300k), David Adams £120k, Steve Wilson £55k and Martin Newman £45k! This also helps put the noted share purchases in context. Are “utmost appreciation and thanks”, “sincere thanks and best wishes” and bonuses (last year Andrew Humphreys £194k, Mark Aylwin £231k and Diana Hunter £428k) now being re-assessed?!? At 12:29pm today a “Director Change” announcement…
Having filled his boots with shares in Conviviality (CVR) the day before they were suspended pending clarification, the UK's top share blogger now reports that a rescue bailout could be at as little as 30p.
After recent events if Conviviality (CVR) boss Diana Hunter told me that 2 + 2 =4 I would ask her to provide credible third party verification before accepting her at her word. So today, with the shares suspended pending clarification following the "discovery" that £30 million of tax was due by month end, MS Hunter has updated poor investors and it seems everyone loves the company. What bollocks. Here are Ms Hunter's words with a ShareProphets translation service in bold.
I’ve noted recent woes at Conviviality (CVR) HERE and HERE. Here follows a timeline (& boardroom remuneration) of woe…
Steve Moore has already covered the disaster story that is Conviviality (CVR) HERE. In essence it forgot that it has a tax bill (I assume PAYE) due on 29 March for £30 million and does not have the borrowing headroom to pay that. Uh Oh. As the BBC says about once a day we would not get amateurish corporate disasters like this if more companies were run by women. Like er....Diana Hunter the CEO of Conviviality. Anyhow...
A Trading update on Thursday from Conviviality (CVR) included that “following a review of current year projections, the company now expects that adjusted EBITDA for the current year will be approximately 20% below current market expectations”, but sought to reassure that “the company has not seen any material weakness in overall demand” and was followed by some director share buying. The shares though remained depressed... and there was then a 1:06pm Update to announcement. There's now a 'Further Update'...
Having in end-January results stated “confidence for both achieving current year board expectations, as well as the group's longer-term performance”, a 3:07pm “Trading update” from Conviviality (CVR)…
